To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. 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. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
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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. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth.
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Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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 unions also differ from the traditional consumer cooperatives. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars