International Credit Union Day

International Credit Union Day is celebrated on October 20th and it is a day dedicated to recognizing the efforts of credit unions in improving conditions for their clients and providing quality services. To mark the day, Credit Unions usually hold fundraisers, competitions, picnics, and other activities to promote volunteering.

History

The credit union movement began in the 19th century, with Schulze-Delitzsch and Friedrich Raiffeisen founding the first cooperative forms of activity in Germany between 1846 and 1847. Raiffeisen then founded a credit society in 1849 which was intended to be a charitable organization for wealthy citizens. In 1864, he established a new credit union for farms, based on principles of cooperative interdependence which are still relevant today. Around the same time, Schulze-Delitzsch also created the first “people’s bank” in 1852, to lend money to urban entrepreneurs.

In 1948, CUNA (Credit Union National Association) began celebrating International Credit Union Day. To this day, the World Council continues to provide resources to credit unions and associations around the world.

Interesting facts

• Becoming a member of a credit union means that you will remain a member for life.
• In 1934, President Roosevelt signed the Federal Credit Union Act, preventing high lending interest rates.
• Credit unions are non-profit enterprises, so all income is returned to unions and communities.
• Luigi Luzzatti created the first credit union in 1864.

How to take part

Take part in International Credit Union Day by becoming a member of a credit union. Joining a credit union means that you join a community that helps people realize their dreams. Additionally, you can develop and implement a community project or organize a donation event for people in need.

When is International Credit Union Day celebrated in 2023?

International Credit Union Day is observed on the third Thursday of October each year.

Observations