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. " At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type.