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. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.
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Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter.
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In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). 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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Credit unions also differ from the traditional consumer cooperatives. Credit union as a consumer cooperative operates on the principles of equality of all its members.