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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
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Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
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National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. 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. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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. Unlike banks credit unions limit their activities to a closed circle of people.