International Credit Union Day Celebrates The Authentic Difference
On October 21, 2016, credit unions around the world will celebrate International Credit Union Day (ICU Day).
Credit unions are not-for-profit financial cooperatives, offering the same services as other financial institutions, but with a people-first philosophy. Since 1948, on the third Thursday of every October, credit unions have celebrated the principles that make credit unions the best financial partners of people all over the world. “The authentic difference,” this year’s ICU Day theme, zeroes in on what makes credit unions different from banks, fintech startups and other financial institutions—our principles.
Credit unions all over the world have operated according to the same core principles since the 1850s, when a group of weary German workers, tired of being exploited by loan sharks, formed the world’s first credit union by banding together to provide affordable credit to each other.
These principles are derived from the 7 cooperative principles, shared by all cooperatives. They are:
1. Democratic Control. One member = One vote. Whether you have $5 or $5 million, your voice is equal.
2. Open and Voluntary Membership. Members are connected by a bond of association, fostering a sense of community.
3. Non-Discrimination. Credit unions are open to all without regard for race, orientation, nationality, sex, religion, gender, or politics.
4. Service to Members. Credit unions are ranked No. 1 in service in numerous surveys, because they exist to serve members, not profit.
5. Distribution to Members. Credit unions return all profits to their members through dividends, lower fees, better savings rates, and improved services.
6. Building Financial Stability. Credit unions are historically stable organizations. They’re owned by the people they serve, so they don’t take unnecessary risks.
7. Cooperation Among Cooperatives. Credit unions and cooperatives share the same principles. Together, they amplify each other’s good works.
8. Social Responsibility. Credit unions strive for social justice by committing to strengthening their communities and helping people of modest means.
9. Ongoing Education. Credit unions prioritize financial education for their members, employees, and communities as part of their pursuit of social justice.
This is why we celebrate ICU Day at Wasatch Peaks Credit Union. We think ideas like people before profit, social responsibility, and financial education improve lives. It’s why cooperative banking is a key component of helping people in developing countries get access to microloans, or a middle-class couple receive an affordable mortgage for their first home.
So when we wish you a Happy ICU Day at Wasatch Peaks Credit Union, know that we’re thanking you for belonging to a movement that’s helping your neighbors—and people around the world—grow and thrive and follow their dreams.
If you have any questions about the credit union philosophy or how Wasatch Peaks Credit Union can help you, stop by or contact us at 801.627.8700 or at .
Copyright 2016 Credit Union National Association Inc. Information subject to change without notice. All other rights reserved.
On Friday, October 17, 2014, Wasatch Peaks Credit Union will celebrate International Credit Union (ICU) Day®. That’s 200+ million people … from 56,000 credit unions … in 101 countries joining together to celebrate their cooperative spirit.
Globally, this cooperative spirit has led to life-changing opportunities in the form of small business start-ups, home ownership, and education.
In some countries, members encounter their first taste of democratic decision-making through their member-owned credit unions. This year, credit unions have been present during the most tumultuous moments around the world. Throughout the crisis in Ukraine, credit union volunteers were among the protesters in Kiev and are now attempting to maintain financial stability for their members. With the help of the World Council of Credit Unions, which is supported by credit unions in the U.S., Ukrainian credit unions are working on ways to ensure loans can be made to those who need them, and uphold the confidence of their members.
On the other side of the globe, credit unions in the Philippines are dealing with the devastation left after the recent typhoon. With the help of credit union organizations around the world, they are now rebuilding and renovating affected branches to better fit members’ needs. After such destruction, these Filipino credit unions are helping people get back on their feet. And credit unions worldwide are providing the basis for development while serving local communities, with an unwavering belief in the “people helping people” philosophy upon which we were built.
Locally, as a member of Wasatch Peaks Credit Union, you and your financial stability are our top priorities. Globally, you’re part of a much bigger movement—the credit union movement—working towards global good each and every day. That’s definitely something to celebrate!
Please celebrate with us at any Wasatch Peaks Credit Union branch for a delicious cookie! And thanks for being a member-owner of Wasatch Peaks Credit Union!