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. " The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.