First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.