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. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Credit union as a consumer cooperative operates on the principles of equality of all its members.