Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Unlike banks credit unions limit their activities to a closed circle of people. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). The main advantage of credit unions consists in transparency, controllability, governance for shareholders.
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The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Unlike banks credit unions limit their activities to a closed circle of people.
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National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. 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. 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. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). 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. " In the credit union compensation for use of the loan (interest) is a source of compensation for savings.