Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit union services are available only to its shareholders. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. Credit union as a consumer cooperative operates on the principles of equality of all its members. 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.