First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. Credit union services are available only to its shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
Credit union services are available only to its shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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.