Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.
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Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
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To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. 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. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. 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).