Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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 difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.