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About ICU Day®
International Credit Union (ICU) 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 hard work and share member experiences. International Credit Union (ICU) Day® has been celebrated on the third Thursday of October since 1948.
The ultimate goal is 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 includes fundraisers, open houses, contests, picnics, volunteering and parades.
Credit Union Facts
- Credit unions are not-for-profit cooperatives and, unlike banks, have no shareholders demanding a market return on their investment. This allows credit unions to pass profits on to their members in the form of lower rates and fees. (Credit Union National Association)
- Credit unions are owned by their members. Credit union members have democratic control of the credit union and can attend and participate in regular and special membership meetings. (Credit Union National Association)
- Credit unions operate on the philosophy of People Helping People. In practice, this translates to U.S. credit unions approving 62% of minority members' mortgage applications, versus 51% for other U.S. mortgage lenders. (Home Mortgage Disclosure Act, 2006)
- Credit unions prioritize people over profit. Leading up to the financial crisis of 2008, banks engaged in about 5 times more subprime lending relative to credit unions and were twice as likely to fail. (The Review of Corporate Finance Studies, 2022)