MADISON, Wis.–This week marks International Credit Union Week, with the financial cooperatives from around the world celebrating in numerous ways. For many—although not nearly enough—that will mean reminding members that their businesses are founded on the 7 Cooperative Principles. Indeed, one CUSO and the National CU Foundation urge CUs to take this point of differentiation and “shout it from the rooftops.”
To mark ICU Week, CUToday.info features those seven principles here, along with other resources, including videos and graphics, to help remind credit unions, their members, their employees and boards of why they exist. The 7 Principles trace their roots to the first modern cooperative, which was founded in Rochdale, England in 1844:
The 7 Cooperative Principles
1. Voluntary and Open Membership
Cooperatives are voluntary organizations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
2. Democratic Member Control
Cooperatives are democratic organizations controlled by their members—those who buy the goods or use the services of the cooperative—who actively participate in setting policies and making decisions.
3. Members' Economic Participation
Members contribute equally to, and democratically control, the capital of the cooperative. This benefits members in proportion to the business they conduct with the cooperative rather than on the capital invested.
4. Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the co-op enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the members and maintains the cooperative's autonomy.
5. Education, Training and Information
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.
6. Cooperation among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
7. Concern for Community
While focusing on member needs, cooperatives work for the sustainable development of communities through policies and programs accepted by the members.
More can be found here.
Video From National CU Foundation & Corporate One
Looking for more? The National Credit Union Foundation (the Foundation) and Corporate One FCU partnered to create short video on the cooperative principles for credit union organizations to leverage with their staff, members and community. The animated video discusses the benefits of what it means for a credit union to be a cooperative and goes into the 7 cooperative principles in brief detail.
“Part of the credit union difference is the fact that they are cooperatives,” said Gigi Hyland, Foundation Executive Director. “We need to celebrate that and shout it from the rooftops! Therefore, we hope credit unions share this video far and wide to help people better understand our cooperative advantage.”
The video can be found here.
'Live The 7 Principles'
In Grand Rapids, Mich., CU*Answers has developed the “Live It!” series as a way for credit unions to differentiate themselves from other financial institutions.
“This series promotes the 7 Cooperative principles that expound on the value of membership and rewards and liberties of ownership,” CU*Answers said. “Credit unions have long been looking for a convincing message to shout from the rooftops. What better way than to employ the very principles that are at the foundation of credit unions and other cooperative businesses.”
For more from CU*Answers, go here.
More Resources
Looking for additional graphics and ways of presenting the 7 Cooperative Principles? Pinterest offers a host of ideas. For more, go here.