Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).