Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Credit unions also differ from the traditional consumer cooperatives. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.