The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. 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. " Corporate alliances are intermediaries between credit unions and financial markets. Credit union as a consumer cooperative operates on the principles of equality of all its members. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings.
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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. " Corporate alliances are intermediaries between credit unions and financial markets. 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.
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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.