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. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Credit unions also differ from the traditional consumer cooperatives. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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. 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. Unlike banks credit unions limit their activities to a closed circle of people.