Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Unlike banks credit unions limit their activities to a closed circle of people.