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. 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. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. 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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Credit union services are available only to its shareholders. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Corporate alliances are intermediaries between credit unions and financial markets.