Credit Unions Build A Better World
At some point, you’ve probably wondered what the difference is between credit unions and other financial institutions. In reality, many differences exist, but the short of it is this: Credit unions exist to help people, not to make a profit. That difference resulted in SRP Federal Credit Union being established as a financial cooperative rather than a bank. Although we don’t sell groceries or farming supplies or electricity, we share the same principles as other cooperatives. At a cooperative, you’re a member/owner, not a customer.
In order to increase public awareness of cooperatives and promote their formation and growth, the United Nations General Assembly has designated 2012 as the International Year of Cooperatives (IYC) with the theme “Cooperative Enterprises Build a Better World.”
As financial cooperatives that stand on social responsibility and economic viability, credit unions play a substantial role in the global cooperative movement. In 97 countries, close to 186 million people are members of credit unions. Credit unions around the world have taken that message to heart. Cooperatives address the common goals of their members. Cooperative principles include:
Voluntary and open membership
Democratic member control
Member economic participation
Autonomy and independence
Education, training, and information
Cooperation among cooperatives
Concern for community
These principles underscore the cooperative values of self-help, self responsibility, democracy, equality, equity, and solidarity.
As financial cooperatives, credit unions are much more than money lenders and holders. Like all cooperatives, we stand for the power of people helping people. Credit unions are prime examples of how the cooperative spirit transforms individuals and advances communities, the first steps toward building a better world.
Copyright 2011 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
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