Consumer Credit Cooperatives as an Element of the Financial Market of Russia

One of the most important segments of the financial market is the credit market. Adequate and timely provision of the means necessary for production processes of economic entities, and the solution of vital tasks for the population largely depend on the possibility of obtaining credit resources. But the uneven distribution of financial and banking services, the supply of which is significantly behind demand for them, significantly inhibits the development of small businesses and causes imbalances in the economic and social development of the constituent entities of the Russian Federation. The development of a system of credit cooperatives became one of the ways to solve the problem of satisfying the demand for financial services. At the same time, credit cooperation should not be regarded as a direct competitor to the traditional banking sector of the economy. Most likely, it is worth recognizing the activities of consumer cooperatives as additional support to the financial sector. Their role as microfinance entities in attracting personal savings and lending to the real sector of the economy and the country's population is constantly growing. The fact that the activities of credit cooperatives are often considered only from the position of social significance for a locally limited community narrows the understanding of its role for the entire financial system of the country. In this regard, it becomes relevant to study the factors affecting the development of consumer cooperation in the Russian Federation, and to elaborate measures to improve it.