Like any financial institution, credit unions have the financial resources. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. 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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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 the credit union compensation for use of the loan (interest) is a source of compensation for savings. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).
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First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.
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In recent decades, many credit unions began to resort to such form of service as Credit union services are available only to its shareholders. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. 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.