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. " 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.