Like any financial institution, credit unions have the financial resources. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. The right to use the services of the credit union have only its members.
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Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.
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In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others.