The Eight Cooperative Principles for Credit UnionsThe Foundation, along with many credit unions and system partners, have adopted variations of the Cooperative Principles. These variations are not meant to replace the standardized set of seven, but rather bring great relevancy to how these principles impact the credit union business model. We also work to educate credit union employees and volunteers on how these principles should be applied now and in the future to better serve our members and communities. To this end, in 2019 the Credit Union National Association and National Credit Union Foundation adopted a board resolution to support diversity, equity and inclusion as a shared credit union cooperative principle, and for credit unions continuing to have a responsibility and take a leadership role in building and serving more diverse, equitable and inclusive communities. Listed below are the modified Cooperative Principles for credit unions: 1. Voluntary MembershipCredit unions are voluntary, cooperative organizations, offering services to people willing to accept the responsibilities and benefits of membership, without gender, social, racial, political, or religious discrimination. We operate as not-for-profit institutions with volunteer boards of directors. Members are drawn from defined fields of membership. 2. Democratic Member ControlCredit Unions are democratic organizations owned and controlled by their members. One member equals one vote, with equal opportunity for participation in setting policies and making decisions. 3. Members’ Economic ParticipationMembers are the owners. They contribute to, and democratically control, the capital of the credit union. Credit unions typically offer better rates, fees, and service than for-profit financial institutions, so members recognize benefits in proportion to their financial transactions and general usage. 4. Autonomy and IndependenceCredit Unions are autonomous, self-help organizations controlled by their members. 5. Education, Training, and InformationCredit unions provide education and training for members, elected representatives, managers, and employees so they can contribute effectively to the cooperative. Credit unions place particular importance on educational opportunities for their volunteer directors, and financial education for their members. 6. Cooperation Among CooperativesCredit unions serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures. 7. Concern for CommunityWhile focusing on member needs, credit unions work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.
8. Diversity, Equity & InclusionCredit unions support diversity, equity and inclusion as a shared credit union cooperative principle and continue to have a responsibility and take a leadership role in building and serving more diverse, equitable and inclusive communities. |
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