Thursday, October 17th is International Credit Union Day (ICU Day), a day set aside to commemorate the impact and achievements of credit unions. This year’s theme is “Credit Unions Unite for Good: A Better Way.” Across the globe, credit unions will celebrate by educating members about credit union values and simply saying “thank you” to members for their support. For 65 years, ICU Day has brought awareness to the world about the positive influence of credit unions but credit unions have long been on the scene.
Did you know?
Credit unions began in the 1800s in Germany as groups of farmers developed member-owned “people’s banks” that relied on a voluntary management structure. Early credit unions operated in a cooperative manner with a focus on community benefits. In the U.S., credit unions began in the early 1900s, providing a safe way to save and obtain affordable loans.
- Forty percent of Americans belong to a credit union.
- Credit unions serve an important role in in developing countries because they provide financial services to individuals who lack access to banks.
- Credit unions are not-for-profit financial cooperatives in which each member’s vote carries equal weight on management issues.
Credit unions have a different mission and values than for-profit financial institutions, such as banks. Credit union Board of Director members serve voluntarily, working solely for the good of members, not shareholders. Additionally, credit unions are distinctively recognized because of their commitment to provide the best member service and dedication to providing financial literacy initiatives.
At Community Financial Credit Union, our first priority is our members — providing you with affordable, reliable and convenient services that help you succeed in life. Since 1951, Community Financial has offered competitively priced products, outstanding service and support for the communities where our members live and work. Join our celebration by visiting your local Community Financial Credit Union on Thursday, October 17th for refreshments. It’s just our way of saying thank you for your support and loyalty.
To learn more about what makes Community Financial different, visit cfcu.org/difference.
Sources: World Council of Credit Unions and Credit Union National Association