In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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. Corporate alliances are intermediaries between credit unions and financial markets. 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 cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans.