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Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision. 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. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.


Credit Union Location in New York

Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.


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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The right to use the services of the credit union have only its members. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities.