Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. The right to use the services of the credit union have only its members. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
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The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
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The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption.