Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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 also differ from the traditional consumer cooperatives. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union services are available only to its shareholders. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).