Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.
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Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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.
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The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.