Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Credit union services are available only to its shareholders. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. The right to use the services of the credit union have only its members. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. Credit union as a consumer cooperative operates on the principles of equality of all its members. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
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Credit union services are available only to its shareholders. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members.
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In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). To reduce the risk of default on loans members of the credit union shall the joint guarantee. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Unlike banks credit unions limit their activities to a closed circle of people. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.