Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Like any financial institution, credit unions have the financial resources. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA).
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Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Like any financial institution, credit unions have the financial resources. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties.
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Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Unlike banks credit unions limit their activities to a closed circle of people. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). 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.