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. " First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.