A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. 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. Like any financial institution, credit unions have the financial resources. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments.
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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. 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. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.
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The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). In recent decades, many credit unions began to resort to such form of service as Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. 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.