Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. 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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Unlike banks credit unions limit their activities to a closed circle of people. Corporate alliances are intermediaries between credit unions and financial markets.
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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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover.
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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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. 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. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.