International Credit Union Day (20/10)

Every year on the third Thursday of October, workers of all types of consumer cooperatives celebrate their professional holiday — International Credit Union Day.

This world holiday has been continuously celebrated since 1948 and since then has been the occasion for numerous events: open days of credit unions and branches, charity events, fairs and competitions, thematic radio– and television programs. Moreover, every year the events held as part of the Day are dedicated to a specific topic.

A credit union is an organization of mutual financial assistance for citizens. This is one of the most widespread and most attractive financial organizations for the population, constituting a non-profit alternative to banks. Because people can pool their funds to lend to each other.

The concept and ideas of cooperation (cooperation — joint activities) came into use in the mid-19th century and gained great popularity in European countries. Robert Owen, Charles Fourier, Louis Blanc are considered the founders of cooperative philosophy. They explained the economic advantages of cooperation as an economic form, and considered it an organization of the future, devoid of contradictions and shortcomings in the world of capitalist competition.

Interestingly, 1948 was a repeat date for the establishment of Credit Union Day. And the idea of the holiday was first voiced in 1927, and on January 17, 1927, the League of Credit Unions of the American state of Massachusetts organized the first official holiday for shareholders of credit unions and workers. The date was chosen due to the fact that on January 17, Americans honor the memory of one of the greatest figures in America, Benjamin Franklin, who was born in Massachusetts.

In the 1930s, credit unions in America developed at a rapid pace. But, nevertheless, the proclaimed Credit Union Day was not popular with either employees or shareholders and was abolished over time. «The second life» of the holiday was given in 1948, when the National Association of Credit Unions of the United States decided to resume the celebration of National Credit Union Day, but in October. Today, credit unions operate in 88 countries around the world, where International Credit Union Day is recognized as a necessary holiday.

In Russia, a voluntary association of credit consumer cooperatives of citizens and other non-profit organizations of mutual financial assistance is the League of Credit Unions, founded in November 1994. One of the main goals of the League — is to promote the formation of real economic democracy in Russian society.

In addition, the League is entrusted with the tasks of developing the regional and national infrastructure of the Russian Credit Union Movement; joining the global cooperative Movement as an integral part of the Russian cooperative movement; ensuring equal opportunities for the participation of credit unions and their associations in the Russian and international credit union movement.

The League of Credit Unions represents the Russian credit cooperation movement in the World Council of Credit Unions.



Postcard «International Credit Union Day»

1286