First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. 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). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).
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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). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth.
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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. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services.