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.