International Credit Union Day 2018

Today is the 70th anniversary of International Credit Union Day. This year’s theme is “Find Your Platinum Lining.” The traditional gift for 70th anniversaries is platinum. It is also a play on the saying “every cloud has a silver lining.”

On International Credit Union Day, credit unions all over the world celebrate the history and the “People-not-Profit” philosophy. This year’s theme reflects credit unions’ loyalty to their members and the mission to provide them support and guidance.

Credit Union History

The movement began in the 1840s as a democratic consumer cooperative by weavers in Rochdale, England. Frustrated by bankers who denied them loans simply because they weren’t wealthy, the weavers and workers decided to pool their incomes and loan money to each other. In time, this cooperation put each member on solid financial ground and encouraged their own businesses to thrive.

The need for equitable financial institutions grew and, in 1971, the World Council of Credit Unions, Inc was created to help establish and maintain credit union movements. It has become the leading voice for the international credit union community.

People Helping People

Today, credit unions serve over 235 million people  in 109 countries and 6 continents. ELGA had a humble beginning in the 1940’s and 50’s helping Consumers Energy employees that were paid below the average of other workers. The previous name was Flint Division Consumers Power Company Federal Credit Union, but in 1959 a contest changed the name to ELGA Credit Union. “ELGA” combines the first two letters of Electrical and Gas. Since 1951, ELGA has expanded to Genesee, Lapeer, and Saginaw counties, and currently serves over 70,000 members!

Credit unions provide more than just loans and checking accounts. At ELGA Credit Union, we strive to improve financial literacy for people at all stages of life. We have in-school credit unions that allow kids to start learning how to save at an early age. We also offer a series of free workshops for adults to help them improve their financial life. Sign up for a workshop today! 

Thanks for being a member of ELGA Credit Union!

#PeopleHelpingPeople #InternationalCreditUnionDay

 

 

 

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