Every October, Credit Unions around the globe celebrate International Credit Union Day (ICU Day). This year on October 15th, we’re celebrating our partnership with members and how our support has helped them navigate these tough times in the true spirit of the credit union community.
Throughout the pandemic and its challenges – having a Credit Union by their side has helped countless members worldwide face the future with more confidence. Now, as we celebrate ICU Day this year, we take a look back at how Credit Unions began and how their tradition of support continues.
The Credit Union movement started long ago in response to another serious, albeit more local, threat—a crop failure and ensuing famine in Germany that threatened local communities. People chipped in money to a common fund to lend to neighbors at subsidized rates to buy bread and other staples. For almost two centuries this neighbor-helping-neighbor movement has persisted and for good reason. At its heart is caring for your community and providing financial security so loved ones won’t go without.
This is the spirit in which Credit Unions have responded to the pandemic. A recent survey by the Credit Union National Association found tremendous support as early as March this year:
- 95% of Credit Unions were offering loan modifications
- 80% created new loan products in response to the crisis
- 85% offered fee waivers
- 64% offered debt consolidation and/or financial counseling
Your Credit Union has been right there too, supporting members and their financial security. With fee waivers, payment deferrals, special no-interest/low-interest loans, and consistently high earnings rates to name a few.
Farmers Insurance Federal Credit Union Branch Counselors have been on the front lines assisting members in a variety of ways to bring hope during tough times. They’re sharing how they made a difference on video to celebrate ICU Day 2020 virtually. We hope they add a smile to your day.
Of course, we’re never done supporting members. As a part of the modern Credit Union movement that reaches over 100 countries, we continue to build on the spirit of those early founders—during the tough and the good times. And, just like the long-ago townspeople who pooled resources, you collectively own us. In practical terms, this means surplus profit is returned to members everyday as low loan rates, higher savings rates, and lower fees. Not to mention healthy cash bonuses.
We promise to stick by you, as “neighbors helping neighbors,” and provide hope for the future.