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. " Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. 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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.