Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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. Unlike banks credit unions limit their activities to a closed circle of people.
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International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments.
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Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. In recent decades, many credit unions began to resort to such form of service as Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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.). Credit union as a consumer cooperative operates on the principles of equality of all its members.