Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. 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 - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.
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Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans.
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In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. 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.