Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. Unlike banks credit unions limit their activities to a closed circle of people. Credit union as a consumer cooperative operates on the principles of equality of all its members.