The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions also differ from the traditional consumer cooperatives. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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 main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. The right to use the services of the credit union have only its members. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
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Credit unions also differ from the traditional consumer cooperatives. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions.
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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.