The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.