Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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. Credit union services are available only to its shareholders. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.