October 19, 2023, will mark the 75th anniversary of International Credit Union Day.
Credit unions around the world will be celebrating their many successes, which include providing financial services to members and uplifting their communities. Financial well-being is a cornerstone of the credit union movement. The first credit unions were founded in the 1800s to provide tradesmen, who had been denied loans from banks, with the necessary seed money to establish their businesses. Credit unions continue flourishing today, serving members of all communities and from all financial levels. Throughout their history, credit unions have been stepping up to help their members achieve their financial goals.
National Credit Union Day was started in 1948 by the U.S. Credit Union National Association (CUNA). In 1971, the World Council of Credit Unions (WOCCU) was established, and the name of the day was changed to International Credit Union Day. Today, credit unions in 118 countries, on 6 continents, serve 393 million members and their communities.
Credit unions are renowned globally for providing financial services to the unserved and underserved communities. They are often also the first financial responders after natural and man-made crises. For example, during Hurricane Katrina in 2005, Louisiana credit unions used shared branching to help residents caught in the flooded cities and towns to get access to their funds. During the Pandemic when many members lost their jobs or had to reduce their hours, many credit unions offered personal loans with no payments or interest for a set period. Another great example is the Ukrainian Credit Union Displacement Fund which was established to leverage the global network to support displaced credit union members and staff.
Credit unions have proven, time and again, that they stand behind their members and their communities. They provide the necessary tools that members need to achieve their financial goals and to help them get back on their feet when they fall on hard times.
We look forward to serving you for many more years!