First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Unlike banks credit unions limit their activities to a closed circle of people. 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 of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.
Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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.