The right to use the services of the credit union have only its 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. 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. 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.). International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).
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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. 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.). 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.
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The right to use the services of the credit union have only its members. 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. 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. 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. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. In recent decades, many credit unions began to resort to such form of service as Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.