International Credit Union Day: A Brief History
A History of Community Ownership and Support
Credit unions were based on a simple idea: that people could pool their money and make loans to each other. The first of these cooperatives was organized by a group of workers in Rochdale, England.
In the early 1900s, Edward A. Filene and Roy F. Bergengren, helped establish credit unions in the United States
As time passed, a desire emerged to establish an annual occasion to acknowledge both the important role credit unions currently played in creating opportunity for their members and communities and the achievements of the pioneers who laid the foundation for ongoing credit union success.
It was also considered important to pay tribute to the many people who today continue to demonstrate the commitment that is building new credit unions or sustaining and developing existing savings and credit cooperatives.
THE FIRST CREDIT UNION DAY
On January 17, 1927, the Credit Union League of Massachusetts in the United States of America celebrated the first official holiday for credit union members and workers. January 17th was chosen because it was the birthday of America’s "Apostle of Thrift, Benjamin Franklin" (1706-1790).
Two American credit union movement pioneers believed that Franklin symbolized "the life and teaching embodied in the spirit and purpose of credit unions." At that time, however, there was so much activity in the development of credit unions in North America that people were either too busy to celebrate or too new to the movement to recognize the significance of their actions. Thus, after a brief trial period, the practice of Credit Union Day ceased.
THE SECOND CHANCE
In 1948, the U.S. Credit Union National Association (CUNA) decided to try a new national Credit Union Day celebration. CUNA and CUNA Mutual Insurance Society set aside the third Thursday of October as the national day of observance. By then, many more of America’s credit union leaders believed there was a need for an occasion that would bring people together to reflect upon their cooperative history and achievements and to promote the credit union idea across the country.
Credit unions, the state credit union leagues and many of the informal credit union chapters in each state were all encouraged to celebrate the new holiday in some way. It was to be a time for raising funds for movement causes and to pay homage to the men and women who had dedicated their lives to credit union development.
SENDING A MESSAGE AROUND THE WORLD
During the 1950s, CUNA’s World Extension Department provided technical assistance and philosophical guidance for credit union development across the globe. So many countries had established credit union movements by 1964 that CUNA’s mission was formally expanded and CUNA International was formed.
New movements joined the credit union family each year, and an increasing number of people were interested in celebrating their uniqueness and unity with a special holiday that could be enjoyed by everyone—regardless of religion, political beliefs, cultural differences or language. Many credit unions and leagues began to distribute publications; banners, slogans and kits, and Credit Union Day became an international celebration.
By 1971, worldwide credit union progress was so substantial that it was again decided to restructure the movement and to form an additional tier of service. The World Council of Credit Unions, Inc. (WOCCU) was created and commenced its work of assisting others in the establishment and maintenance of viable credit union movements, wherever the need and desire were expressed. In Canada, Australia, Latin America, the Caribbean, Africa, Asia, New Zealand, Great Britain and the South Pacific, national and regional credit union federations and confederations were established to support and endorse credit union development.
WHERE THE DAY IS CELEBRATED
There are more than 172 million people served by credit unions in 97 countries that also recognize and celebrate International Credit Union Day.
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