MADISON, Wis.– Credit unions around the world are marking the 75th anniversary of International Credit Union Day today with a wide variety of festivities and promotions, including giveaways, community volunteering, a webinar featuring speakers from around the world, and more.
The day as well as this week, which is International Credit Union Week, are an opportunity to “reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences,” according to the World Council of Credit Unions. “The ultimate goal is to raise awareness about the tremendous work that credit unions and other financial cooperatives are doing around the world and give members the opportunity to get more engaged. The day of festivities for credit unions and financial cooperatives globally includes fundraisers, open houses, contests, picnics, volunteering and parades.
In all, according to WOCCU’s 2021 Statistical Report, there are more than 87,000 credit unions operating in 118 countries globally on all continents but Antarctica. There are approximately 394 million CU members around the world, meaning about 13% of the global population belongs to a credit union, the WOCCU data show.
The United States is the home to the largest number of those members, with approximately 135 million.
The First Credit Union Day
According to WOCCU, on Jan. 17, the Credit Union League of Massachusetts celebrated the first official holiday for credit union members and workers, selecting Jan. 17 17 because it was the birthday of America's "Apostle of Thrift," Benjamin Franklin (1706–1790), who early credit union founders believed symbolized "the life and teaching embodied in the spirit and purpose of credit unions."
In 1948, CUNA) decided to initiate a new national Credit Union Day celebration and, along with CUNA Mutual Insurance Society, set aside the third Thursday of October as the national day of observance.
What Some Are Doing
Among the activities in the United States:
Four CUs Partner in Arizona
In Arizona, four credit unions—OneAZ Credit Union, Arizona Financial CU, TruWest Credit Union, and Landing CU, are celebrating with the first annual Arizona Credit Union Week.
“This inaugural celebration will spotlight the multitude of ways credit unions empower financial independence, strengthen local economies, and serve as a force for good in neighborhoods and communities across Arizona,” the credit unions said in a statement, adding they plan to team up for several days of activities that culminate with International Credit Union Day on Oct. 19.
“Fans can tell their favorite credit union story and follow the fun all week long with the hashtag #AZCUWeek,” the four credit unions added.”
Activities Planned
Among the activities planned:
- Oct. 16th: Myths & Memes (Overcoming misconceptions about credit unions)
- Oct. 17th: Local Battle: (CU’s go head to head to promote “localness”
- Oct. 18th: Over the Top Impact: How CUs have gone “over the top” to help members and communities
- Oct. 19th: International Credit Union Day: All CUs celebrate 75 years
- Oct. 20th: CU Cash Crew teams head out in the community to member-owned businesses to cover the costs of goods/services of its patrons. Surprise stops announced throughout the day
‘A Mighty Force’
“Arizona’s credit unions are a mighty force for empowering members’ dreams, driving economic development, and inspiring community action,” said Brandon Michaels, OneAZ Credit Union president & CEO. “Arizona Credit Union Week is a chance for us to celebrate our members and the ways in which we elevate their financial well-being and improve lives in their communities.”
Added Brian Lee, president and CEO of Landings Credit Union, “With deep roots in our local community, we are pleased to join members in celebration of Arizona Credit Union Week. With a commitment to financial education, tools and resources for wealth management and a members first approach, we spotlight how credit unions continue to create a lasting impact within the communities they serve.”
The CUs said credit unions in the state play a “critical role in stimulating” the Arizona economy. In 2022 alone, credit unions created $3.7 billion in economic contributions.
How CUs Contribute
According to the CUs, the ways credit unions have contributed to the Copper State economy include:
- $3.7 billion spending and compensation supported by credit unions
- $191 million in economic activity supported by member benefits
- $1.2 billion total income supported by credit unions
- 19,000 total jobs supported by credit unions
‘Incredible Opportunity’
“Arizona Credit Union Week is an incredible opportunity for Arizona credit unions to showcase their core value of ‘people helping people’ through an impactful week of education, service, and surprises,” said Alan Althouse, TruWest Credit Union president & CEO.
Added Amy Hysell, president and CEO of Arizona Financial Credit Union, “We aim to create positive financial outcomes for individuals and families through financial literacy education, loans for small businesses, sponsoring community events and funding charitable causes. We look forward to celebrating Arizona Credit Union Week with members of our local community.”
Volunteering in Colorado
In Colorado, the following Credit Unions are sending employee volunteers into their respective communities on Oct. 19: Canvas Credit Union, ENT Credit Union, Blue Federal Credit Union, District Credit Union, Northern Colorado Credit Union, Meridian Trust Credit Union, Bellco Credit Union, Premier Members Credit Union, Elevations Credit Union, and Westerra Credit Union.
“A huge thank you to Stephanie Johnston, from Canvas Credit Union for putting all of these volunteering opportunities together and joining forces with other credit unions to make this day even more meaningful,” said Karen Bigelow, who manages Corporate Social Responsibility and Public Relations for Premier Members Credit Union. “In addition, a big thank you to Nancy Patton from Canvas Credit Union, who scheduled the events in Greeley and Fort Collins.”
The credit union said they will be volunteering at the following nonprofits at these times:
- A Precious Child Broomfield: 9:00 a.m. – 11:00 a.m.
- Foodbank of the Rockies: 8:00 a.m. – noon
- SECORCares Food Market: 10:00 a.m. – noon
- Food Bank for Larimer County: 11:45 am – 2:00 pm
- Meals on Wheels of Greeley and Weld County: 11:00 am to 12:30 pm
- Foodbank of the Rockies Western Slope: 2:00 – 5:00 pm
- Gift Basket Drawing. 705 FCU said it is raffling off three themed baskets this year for members who do a transaction at the branch or through Facebook.
Webinar Scheduled
The Worldwide Foundation for Credit Unions (WFCU) will host a webinar today titled “Global Connections” on Oct. 19 to celebrate International Credit Union Day.
The webinar is scheduled for 10 a.m. ET scheduled for 9 a.m. ET.
The event will “feature the following journeys with credit unions,” according to the Foundation:
- Astrid Dunn, a Venezuelan dentist living in Peru
- Mariammer Paredes, a Venezuelan entrepreneur living in Ecuador
- Olga Tugai, president, All-Ukrainian Credit Union Association (Ukraine)
Impact on ‘Global Scale’
The featured panelists will speak primarily in Spanish and Ukrainian, with English translations provided, the Worldwide Foundation said.
“We want to focus on the impact of credit unions on a global scale, made possible only through our donor’s support,” the organization stated. “We’ll hear about the journeys of Venezuelan migrants to Peru and Ecuador and how the Economic Inclusion Project impacted their lives in their new homes. Olga Tugai, president of the All-Ukrainian Credit Union Association, will share insights into why and how credit unions are so critical in the global space.”
To register for the webinar, visit the Zoom form here.
How One CU Is Marking ICU Week
Among the credit unions celebrating International CU Week this week is 705 Federal Credit Union in Lafayette, La.
Among its activities this week:
- CULAC 50/50 Drawing. The credit union is selling tickets for a CULAC 50/50 drawing for a chance to win half the cash raised for the Credit Union Legislative Action Committee (CULAC.)
- Wheel of Prizes. Members can spin the wheel for a chance to win a prize
- Refreshments. Refreshments will be served on Thursday inside its offices.
Celebrating in Santa Cruz
In California, Santa Cruz Community Credit Union (SCCCU) said it will be celebrating the day, including with thank you gifts for the first 50 members at its branches and special trivia giveaways throughout the day.
“We’re proud to participate in ICU Day each year. It’s the time when credit unions worldwide celebrate a common goal – providing affordable financial services for all,” said President/CEO Beth Carr.
Refreshments & Giveaways
In Rome, N.Y., AmeriCU Credit Union is inviting members of the community to stop by its branches to enjoy light refreshments and connect with AmeriCU for a chance to be entered in a giveaway.
“Individuals can also celebrate this day by connecting with the credit union virtually to share their unique story, hear credit union member’s stories, and enter our giveaway,” AmeriCU said.
Gift Basket Giveaways
In Eau Claire, Wis., Royal Cu has been holding a week-long drawings for gift baskets it said include useful and fun travel items perfect for long adventures.
Dressing Down to Raise Funds
In Maine, the state league has been encouraging credit unions to participate in its quarterly Dress Down Week to raise funds for the Credit Union Legislative Action Council (CULAC).
“Dress Down Week is a great way to engage and make sure the People Helping People movement remains vibrant,” the league said.
Origence to Host Webcast
Origence said it will host a free webcast titled, “The U.S. Economy: Resilient, But For How Much Longer?” today featuring guest speaker Economist Elliot Eisenberg. The webcast will begin at 2 p.m. E.T.
“As economic data remains mixed, what is in store for the rest of 2023 and beyond?” asked Origence. “Most importantly, what does this mean for your credit union’s lending? Join Elliot Eisenberg to break down the essentials of these questions and more.”
Discussion Topics
Origence said discussion topics will include:
- Economic insights for the remainder of 2023 and beyond
- GDP and consumer spending outlook
- Declining inflation and continued rate hikes
- Rapidly increasing oil prices
- Potential to avoid recession
‘Unprecedented Challenges’
“As we step into the final quarter of 2023 and prepare for 2024, credit unions face unprecedented challenges,” said Neetu Bhagat, chief financial officer with Origence. “We want to equip our credit union partners with the insights and strategies needed to navigate these turbulent waters effectively. Hosting this webcast with Dr. Eisenberg emphasizes our commitment to providing invaluable resources and expertise during these trying times.”
To register, go here.
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Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news”” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
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