As a Credit Union member, you may be aware that October 19, 2023, Is the 75th International Credit Union Day (ICU Day)! The primary reason that International Credit Union Day was established is to raise awareness about the tremendous work that credit unions are doing around the world and to give members the opportunity to get more engaged with their credit union.
ICU Day is the opportunity for credit unions to celebrate our achievements, reflect on our history, recognize dedicated staff, and most importantly, we acknowledge and thank our members, who stand at the heart of everything we do. It’s a day to celebrate what makes credit unions unique: a mission to bring financial inclusion and well-being to its members all over the world.
Community, Ownership, and the Birth of Credit Unions
The credit union idea started with the thought that people could pool their money and make loans to each other, which evolved from cooperative activities of early 19th century Europe. The first “people’s bank” was then founded to provide credit to entrepreneurs. A credit society was established and remained for 15 years, when a new credit union was organized along the principles of cooperative interdependence, a community-first mentality and a volunteer management structure that are still fundamental today. In the early 1900s, credit unions were established in the United States.
Credit Union Day Was Established
As time passed, an annual occasion was established to acknowledge both the credit unions’ important role in creating opportunity for their members and communities and the achievements of pioneers who laid the foundation for ongoing credit union success. Then in 1948, the U.S. Credit Union National Association (CUNA) initiated the National Credit Union Day celebration. The third Thursday of October was set and an occasion that would bring people together to reflect upon credit union history and achievements was established. Every year, an increasing number of people are interested in celebrating their uniqueness and unity with a special holiday that could be enjoyed by everyone.
Remember – You’re a Member and an Owner
Keep in mind, credit unions are quite different from banks. While both offer similar services, credit unions are member-owned financial cooperatives that operate as not-for-profit organizations. They are democratically controlled by their members and operate for the purpose of passing along benefits to their members by providing financial services at better rates and lower fees. Banks on the other hand, generate profits for their stockholders, not their customers. Additionally, credit unions are dedicated to supporting financial literacy for their members and help their members achieve financial wellness.
PFCU salutes you, our members, and our fellow credit unions, as we look forward to continued success in making the world a better place. Thank you for your continued membership with PFCU!
