Pennsylvania Credit Union Association

PA Credit Unions Celebrate Heritage of Serving Members

10/15/2008

October 16 is International Credit Union Day


HARRISBURG — More than 177 million credit union members around the world will celebrate International Credit Union Day on October 16, commemorating the credit union movement’s history and achievements.  Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for members in 96 countries worldwide, including more than 3.4 million members in Pennsylvania. 

Credit unions exist to serve their members, providing a safe place to save money and access affordable loans.  Like banks, credit unions are insured by the full faith and credit of the U.S. Government by the National Credit Union Administration (NCUA).

“There is a misperception about credit unions in the marketplace,” said Pennsylvania Credit Union Association President/CEO Jim McCormack.  “Many consumers don’t know that they can belong to a credit union, more than likely they qualify for several.  Now more than ever, our mission is to unlock one of the best kept secrets in the financial services industry,” said McCormack.

Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October.  Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union difference of member ownership.  This year’s theme, It Belongs to Me™ underlines the credit union and cooperative spirit, reminding all of us that credit unions were founded not for profit, not for charity, but for service.

Internationally, credit unions are recognized as a force for positive economic and social change and have found great success in both developed and emerging nations.  They are built on a one member/one vote model that provides members with a unique opportunity to experience democracy firsthand.

To find a credit union to join, consumers should visit www.iBelong.org.

The Pennsylvania Credit Union Association (pcua.coop) is a trade association that provides legislative, promotional, educational, and operational support for more than 500 credit unions in Pennsylvania. These credit unions have assets in excess of $25 billion and serve nearly 3.5 million members

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