Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. To reduce the risk of default on loans members of the credit union shall the joint guarantee. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. 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. Unlike banks credit unions limit their activities to a closed circle of people. 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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All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services.
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Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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.