Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Like any financial institution, credit unions have the financial resources. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Credit union services are available only to its shareholders. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars
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Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Like any financial institution, credit unions have the financial resources.
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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. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.