Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.
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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. Credit unions also differ from the traditional consumer cooperatives. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.