Tomorrow is International Credit Union Day. The celebration of credit unions has been on the third Thursday of October since 1948. The day is to reflect upon the history of the credit union movement and to promote the achievements the industry has made as a whole.
The credit union movement started in the beginning of the 19th century in England. It wasn’t until a few decades later in Germany when credit unions finally found their place. Organized by Herman Schulze-Delitzsch and Friedrich Raiffeisen they created credit unions that included a democratic governance, member-elected board of directors and the ability for each member to have one vote no matter the size of the member’s deposits. These ideals are still important to credit unions day.
By the start of the 20th century, the credit union concept crossed the Atlantic where it thrived in Quebec thanks in part to Alphonse Desjardins. A decade later after introducing Quebec to the credit union concept, Desjardins brought the credit union concept to Manchester, New Hampshire. The first credit union to open in the United State was St. Mary’s Cooperative Credit Association in 1909.
By 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law, giving credit unions the ability to have national systems to charter and supervise the man federal credit unions across the nation. Through the 1940s, 1950s, 1960s the credit union movement grew steadily. By the 1970s credit unions had grown exceptionally with assets doubling in just one decade.
Through the 1980s and 1990s U.S. credit unions continued to expand as a group. However, the National Credit Union Share Insurance Fund (NCUSIF) experienced financial stress as high interest rates and unemployment brought supervisory changes.
With the financial troubles around the housing market in 2008 and 2009 the NCUA worked with Congress and the U.S. Department of Treasury to help safeguard the U.S. credit union system.
Today, credit unions around the world are helping people save money in ways banks just can’t. While our industry is one that is consistently evolving and changing we are niche in the industry that will be helping people for years to come.
While the credit union industry keeps evolving so does the marketing that needs to be done. CU Solutions Group has the tools to help you make your marketing plan and help grow your credit union. With our helpful website compliance review, content management system and website design and development products just to name a few, our products can take your credit union to the next level.