Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).
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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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars
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Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).