National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. In recent decades, many credit unions began to resort to such form of service as Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. 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.
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Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. 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. In recent decades, many credit unions began to resort to such form of service as
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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. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. 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. 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. Credit union as a consumer cooperative operates on the principles of equality of all its members.