Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.
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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions.