Like any financial institution, credit unions have the financial resources. 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. " Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Credit union services are available only to its shareholders. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.