Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Credit unions also differ from the traditional consumer cooperatives. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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Credit unions also differ from the traditional consumer cooperatives. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.
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The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. 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. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.