Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions also differ from the traditional consumer cooperatives. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). 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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The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions also differ from the traditional consumer cooperatives. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.
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The right to use the services of the credit union have only its members. 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. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. 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. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Corporate alliances are intermediaries between credit unions and financial markets. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.