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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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.
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To reduce the risk of default on loans members of the credit union shall the joint guarantee. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. 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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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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). Credit unions also differ from the traditional consumer cooperatives. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others.