National Credit Union Day

Welcome to WhatNationalDayIsIt.com, where we uncover the fascinating history behind every national day! Today, we're diving into the exciting world of National Credit Union Day. So grab your piggy banks, put on your saving caps, and let's get started!

When is Credit Union Day?

It's national credit union day on the 17th October.

The Birth of National Credit Union Day

On this very special day, we celebrate the hard work and dedication of credit unions around the nation. But before we delve into the internet history of National Credit Union Day, let's briefly explain what credit unions are.

Credit unions are not your typical banks. They are member-owned financial cooperatives that provide financial services to their members. Think of them as your friendly neighborhood financial institutions, working for the well-being of their members rather than striving for corporate profits.

Now, let's dive into the origin of National Credit Union Day. This day was first observed on the third Thursday of October in 1948. It was established by the Credit Union National Association (CUNA) to raise awareness about the value and benefits of credit unions among consumers, policymakers, and the general public.

Since then, National Credit Union Day has evolved into a day of celebration and appreciation for the positive impact credit unions have on people's lives. It's a chance for credit unions to engage with their members, promote financial literacy, and showcase their commitment to community involvement.

A Fun Fact about Credit Unions

Did you know that credit unions hold their annual conferences in different exciting locations each year? It's like a mini-vacation for credit union employees, where they not only learn and network but also have a blast!

History behind the term 'Credit Union'

1852

The Rochdale Pioneers

In 1852, the concept of the credit union was born with the founding of the Rochdale Equitable Pioneers Society in Rochdale, England. This society was established by a group of weavers who were struggling to afford basic necessities due to high interest rates and exploitative lending practices. The Rochdale Pioneers Society aimed to provide its members with affordable credit and improve their economic conditions.

1909

Alphonse Desjardins' Influence

A major milestone in the history of credit unions occurred in 1909 when Alphonse Desjardins, a Canadian journalist and social entrepreneur, established the first credit union in North America. Inspired by the principles of the Rochdale Pioneers, Desjardins founded the Caisse d'épargne Desjardins in Levis, Quebec. This marked the beginning of the credit union movement in Canada.

1920

Spreading across North America

During the 1920s, the credit union movement gained momentum and started to spread across North America. Credit unions began to emerge in various US states, including Massachusetts, Rhode Island, and New Hampshire. These early credit unions aimed to provide accessible financial services to working-class individuals and promote financial inclusion.

1934

Federal Credit Union Act

In 1934, the U.S. Congress passed the Federal Credit Union Act, which provided a legal framework for the establishment and operation of credit unions federally. The act aimed to promote thriftiness, financial stability, and cooperation among credit unions. This legislation played a crucial role in expanding the credit union movement in the United States.

1971

World Council of Credit Unions

The World Council of Credit Unions (WOCCU) was founded in 1971 as an international organization to support and promote the global credit union movement. WOCCU works to facilitate collaboration, provide technical assistance, and advocate for the interests of credit unions worldwide. Today, WOCCU represents over 235 million credit union members across 118 countries.

Present

Modern Credit Unions

Credit unions have evolved to become significant players in the financial industry, particularly in providing financial services to underserved communities. They offer a cooperative and member-centric alternative to traditional banking, focusing on personalized service, competitive interest rates, and community development. Credit unions continue to thrive and adapt to the changing needs of their members in the present day.