National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.