Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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. " Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter.
Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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. " Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.