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Today NuMark Credit Union will join over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day®.
The theme of ICU Day 2022 is “Empower Your Financial Future with a Credit Union.” ICU Day highlights the many ways that credit unions across the world help members improve their financial health and well-being. Credit unions were built on the principle of “people helping people.” We’ve seen that philosophy in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities.
What Are Credit Unions?
Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for more than 375 million members worldwide.
Credit Union History
The idea of Credit Unions originated in Europe in the late 19th century. Stemming from the cooperative movement, the very first credit union, or cooperative, opened in 1849 in Germany.
In 1909 St. Mary’s Cooperative Credit Association, the first U.S. credit union, opened in Manchester, New Hampshire, with assistance from Alphonse Desjardins.
In 1934, President Franklin Roosevelt signed the Federal Credit Union Act into law. This established credit unions as an alternative option to banks.
Credit Unions Today
Today, over 86,000 credit unions operate in 118 countries worldwide. There are over 375 million credit union members globally.
In young democracies in particular, members encounter their first taste of democratic decision-making through the member-owned credit union.
In some parts of the world, credit unions are known by different names. In Africa, for example, they are known as savings and credit co-operative societies (SACCOs) to emphasize savings before credit.
We invite you to stop by any of our 9 branch locations and celebrate with us. Thank you for being a part of the NuMark Credit Union Family!
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