On October 18, Cooperative Teachers Credit Union will, along with more than 56,000 credit unions around the world, observe International Credit Union Day (ICU Day), and the philosophy and achievements of the credit union movement.
2018 is the 70th Anniversary of ICU Day!
Credit unions all over the world celebrate the history and the success of the “People-not-Profit” philosophy. This year’s theme, “Find your platinum lining in credit unions”, emphasizes the credit union movement’s loyalty to its members and its mission to provide them financial support and guidance.
The movement began in the 1840s as a democratic consumer cooperative by weavers in Rochdale, England. Frustrated by bankers who denied them loans simply because they weren’t wealthy, the weavers and workers decided to pool their incomes and loan money to each other. In time, this cooperation put each member on solid financial ground and encouraged their own businesses to flourish.
The need for equitable financial institutions grew and, in 1971, the World Council of Credit Unions, Inc. (WOCCU) was created to help establish and maintain viable credit union movements. It has become the leading voice for advocacy and governance on behalf of the international credit union community.
Today, over 235 million people are served by credit unions in 109 countries and 6 continents.
Join us in celebrating the history and achievements of credit unions around the world by sharing this blog with your friends and telling them what you like most about banking with a credit union!