On October 15, 2020, SafeAmerica Credit Union will join with 86,055 credit unions from all around the world in celebration of International Credit Union (ICU) Day®. There are more than 100 million members in the U.S. alone and SafeAmerica Credit Union joins them in celebration of the not-for-profit cooperative spirit that all credit unions share.
This cooperative spirit has led to life-changing opportunities for people all over the world who’ve wanted to start a small business, own a home or continue their education but were denied access to other financial institutions. In many parts of the world, people’s first taste of democracy is through their credit union, where “one member, one vote” is the governing structure.
At its most basic level, a credit union is people pooling their money to provide each other with affordable loans—it is literally people helping people. This is why SafeAmerica Credit Union celebrates ICU Day. Because credit unions empower people, wherever they are in the world or life, to take control of their financial future.
A little history behind the credit union movement
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, 291,432,972 people are served by credit unions in 118 countries and 6 continents.
So, today, we celebrate you, our loyal members and we thank you for your continued support in making this institution what it is today.
Learn more about #ICUDAY here.