Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.
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Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of 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.
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In recent decades, many credit unions began to resort to such form of service as Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.