Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. " In recent decades, many credit unions began to resort to such form of service as Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. 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.