As we celebrate International Credit Union Day this week, there’s no better time to highlight the impact and contributions credit unions make towards their members, local communities, and the local economy. Across the country, Canada’s credit unions have always presented an alternative way of banking; a people-focused approach that differentiates itself from the profit-driven environment associated with other financial institutions.
This year’s theme for ICU Day is “Building financial health for a brighter tomorrow,” and in keeping with the theme, the World Council of Credit Unions is hosting a webinar that will feature presentations on financial health and all the complexities associated with the topic. Canada’s credit unions have always been advocates for financial health and knowledge, and often partner with local initiatives to strengthen the financial literacy of their members and communities. The most notable project in this space is “Each One Teach One,” an educational program which relies on credit union staff volunteers to promote financial literacy in neighbouring regions. The goal of the program is to empower individuals to make the right financial decisions for themselves and their families.
Aside from financial health, credit unions also believe in supporting the local communities they serve. Whether through sponsorships, donations, or volunteering, credit unions from coast to coast are always finding ways to support their neighbours. Every year, CCUA celebrates the National Credit Union Awards, and credit unions across the country share inspiring achievements that impact their local communities. This year’s National Credit Union Award winners featured initiatives that supported local acts of kindness and assisted communities and small businesses in the wake of COVID-19 (additional stories from previous years are also available here).
Canada’s credit unions have also been champions for driving change in the space of climate change and reconciliation. As we marked the first National Day for Truth and Reconciliation last month, credit unions from coast to coast celebrated by learning, listening and raising awareness on the importance of supporting Indigenous peoples across the country.
The past year has also redefined what it means to put members first. In the spring of 2020, as COVID-19 was growing in threat, credit unions across the country began offering various financial relief options to support members through the uncertainties of the pandemic. Various loan payments were made available for deferrals, and online and telephone services were enhanced to help keep members from banking in-person. Alongside providing alternative banking solutions, credit unions also supported local initiatives combatting the effects of the pandemic.
It’s no surprise then, given all the above (and more) that Canada’s credit unions recently won the 2021 Ipsos Financial Service Excellence Award in Customer Service for the 17th year in a row. Canada’s credit unions also won four other awards, and four of them as the sole winners in the category. No matter the circumstances, credit unions will always continue to prioritize their members’ financial goals and wellbeing
Finally, as we celebrate the 73rd anniversary of International Credit Union Day, we recognize the importance of supporting and sustaining the various credit unions that help make our local communities and economy prosper.
