National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Credit union as a consumer cooperative operates on the principles of equality of all its members.
Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens.