Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Unlike banks credit unions limit their activities to a closed circle of people. Like any financial institution, credit unions have the financial resources. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type.
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Unlike banks credit unions limit their activities to a closed circle of people. Like any financial institution, credit unions have the financial resources. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions.
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The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. In recent decades, many credit unions began to resort to such form of service as The main advantage of credit unions consists in transparency, controllability, governance for shareholders. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.