MADISON, Wis.—Today marks the 72nd annual International Credit Union Day, but the first to ever take place during a pandemic—and that will mean some changes to the traditional event.
While the coronavirus pandemic is limiting the ability of credit unions around the world to get out in their communities to celebrate and highlight the good works of the movement, Brian Branch says policymakers will hear a stronger message this year.
Branch, president of the World Council of Credit Unions, told CUToday.info more of the time credit unions traditionally spend on ICU day out in their communities will be redirected to making key policymakers around the globe aware of the effects credit unions are having within their cities, towns and villages.
Those messages will also show how cooperatives are providing special assistance during the the pandemic.
“This is actually a nice twist to what typically occurs on International Credit Union Day,” said Branch.
A Pivot
Branch estimated more than 100,000 in-person community events are normally held annually across the world on ICU Day. As CUToday.info reported here, WOCCU recently released data showing in 2019 credit unions globally reached a new high of 291 million members.
“But I think we’ll see about one-tenth of that this year,” he said. “Normally, we're on the road, we're doing things actively in communities—face-to-face events—in countries all around the world. But this year we are strongly emphasizing social media messages on International Credit Union Day, and messages directly to policymakers. We not only are making lawmakers aware of how credit unions help members every day, but what they are during to assist communities during these difficult times.”
Branch said some of those messages to policymakers will focus on how credit unions are helping communities stay safe during the pandemic by distributing face masks, protective shields and other supplies, many in isolated communities desperately in need. In very rural areas in which the farming pipeline has been cut off, Branch said CUs have stepped in to help farmers get their product to local markets.
Regulation Nation
One message policymakers will hear loudly on ICU Day, according to Branch, is the effect regulations are having on credit unions.
“The regulatory costs for credit unions are high, and they make it difficult for many credit unions to remain operating, especially small ones,” Branch said. “We want to spread that message on International Credit Union Day and get some regulatory relief.”
The theme for International Credit Union Day 2020 is “Inspiring Hope for a Global Community.” Branch said in place of the community-based events and celebrations in meeting rooms of credit unions, instead CUs will be sharing that message heavily across social media.
Credit unions today have more to talk about, as they have stepped up their efforts to help members with forbearances, special assistance, and more, said Branch.
‘Somewhat Striking’
Branch added credit unions have become much more accustomed to interacting virtually with their communities during the health crisis.
“What has been somewhat striking to me during this crisis is how much more we are in contact with each other,” said Branch. “We’re in continuous virtual contact.”
Branch us hopeful that in 2021 face-to-face events will again take place in communities during International Credit Union Day.
“I expect we will get back to the way things were, but what we have learned during the pandemic will not be lost,” he said.
Branch believes credit unions have quickly developed new skills during the pandemic, especially around communications from a distance, connecting via social media, and using the tools to reach policymakers. In fact, said Branch, said keeping the focus on lawmakers during International Credit Union Day could become a regular part of the annual event.
“This is an opportunity for credit unions to see a real advocacy benefit—to spread the credit union message to their policymakers and get some regulatory relief,” he explained.
Other ICU Day/Week Events
National CU Foundation Wants to See Your Video
The National Credit Union Foundation is encouraging organizations in the movement to post a short video (approximately 30-60 seconds) sharing how they have advanced the lives of members, employees or communities during the economic uncertainty wrought by the coronavirus pandemic. “Our hope is that by sharing the impact you are making, you will also encourage others to make an impact through philanthropic giving here or by texting “ICUDAY20” to 44-321,” the Foundation said.
To participate, CUs/organizations simply record a video on a smartphone with staff, members or both highlighting some of the ways they inspired hope for your local community during the pandemic. The Foundation is asking the videos be posted on Facebook, Tweitter, LinkedIn and Instagram with the hashtag #ICUDAY and #CUDifference .
Southeastern CUs Have Much Planned
Credit unions in Alabama, Florida and Georgia are celebrating ICU Day through charitable fundraisers, open houses, contests and parties, the League of the Southeastern Credit Unions & Affiliates reported.
“Credit unions have become important parts of economies around the world over the years. Since 1948, credit unions worldwide have taken the third Thursday in October to celebrate International Credit Union Day, a day to honor those who have dedicated their lives to the movement and to show members appreciation,” the league stated.
The league reported that during a 12-month period ending in June, credit unions in Alabama, Florida and Georgia provided $1.2 billion in direct financial benefits to 10.4 million members, according to CUNA research—equivalent to $385 for each member, or $753 per member household.
“The League of Southeastern Credit Unions & Affiliates is so proud of credit unions for continuously acting with a focus on members’ and communities’ needs,” said Jared Ross, president of the LSCU. “This year, especially, we have seen these institutions make extraordinary efforts to support members during the crisis caused by the COVID-19 pandemic. The work done by credit unions globally proves they’re for people – not profits.”
CU Kind Day in Illinois
In Illinois, more than 2,000 CU employees participated in the second annual “CU Kind Day” on Monday. Taking advantage of the holiday, 55 credit unions and partners worked to spread kindness through a variety of good works as part of the celebration around International Credit Union Week.
Good Works in Minnesota, Seattle
As CUToday.info reported here, credit unions across Minnesota as well as BECU in Seattle also flooded their communities with good works projects.
