To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The right to use the services of the credit union have only its members. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Unlike banks credit unions limit their activities to a closed circle of people.
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Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions.
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Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Credit unions also differ from the traditional consumer cooperatives. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. The right to use the services of the credit union have only its members.