Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. 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 union as a consumer cooperative operates on the principles of equality of all its members. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.