Idaho Central is excited to celebrate the 70th anniversary of International Credit Union Day on October 18, 2018. This year’s theme is “Find Your Platinum Lining.” It combines the traditional gift of platinum for 70th anniversaries with a play on the saying “every cloud has a silver lining.”
For Idaho Central, and credit unions all over the world, this day provides an opportunity to reflect and celebrate the history and success of the “People Helping People” philosophy. This year’s theme emphasizes the credit union movement’s loyalty to its members and its mission to provide them financial support and guidance.
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, over 235 million people are served by credit unions in 109 countries and 6 continents.
Credit unions across the world are committed to their communities, offering financial services and education and returning profits to their members.
To learn more about what credit unions are and how they differ from other financial institutions, please contact an Idaho Central team member today!