Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Unlike banks credit unions limit their activities to a closed circle of people. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions.
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Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.