International Credit Union Day (ICU Day)and Gets Smart about Credit Day both place annually on 18 October. INternational Credit Union Day celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement’s history, promote its achievements, recognize the hard work and share member experiences. International Credit Union (ICU) Day® has been celebrated on the third Thursday of October since 1948.
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services. Worldwide, credit union systems vary significantly in terms of total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with assets worth several billion U.S. dollars and hundreds of thousands of members. Credit unions operate alongside other mutuals and cooperatives engaging in cooperative banking, such as building societies. “Natural-person credit unions” (also called “retail credit unions” or “consumer credit unions”) serve individuals, as distinguished from “corporate credit unions”, which serve other credit unions.
The ultimate goal of International Credit Union Dayis to raise awareness about the tremendous work that credit unions and other financial cooperatives are doing around the world and give members the opportunity to get more engaged. The day of festivities for credit unions and financial cooperatives globally include fundraisers, open houses, contests, picnics, volunteering and parades.