Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. " Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.