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. " Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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. The right to use the services of the credit union have only its members. Corporate alliances are intermediaries between credit unions and financial markets.