Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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.). 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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit union services are available only to its shareholders. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.