Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. To reduce the risk of default on loans members of the credit union shall the joint guarantee. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Corporate alliances are intermediaries between credit unions and financial markets. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit union as a consumer cooperative operates on the principles of equality of all its members.
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To reduce the risk of default on loans members of the credit union shall the joint guarantee. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members.
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The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Credit union services are available only to its shareholders. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision. Corporate alliances are intermediaries between credit unions and financial markets. Credit unions also differ from the traditional consumer cooperatives. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.