What is International Credit Union Day?
Updated April 8, 2026 | Published October 10, 2024 by Angela Talbot | Reading Time: 2 minutes
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庐 has been celebrated on the third Thursday of October since 1948. The day is recognized to reflect upon the credit union movement’s history, promote its achievements, recognize hard work, and share member experiences. In honor of this annual celebration, join us at any 91黑料网 First branch for some fun giveaways including raffles, free swag, and more!
What is a credit union?
Credit unions are not-for-profit financial cooperatives that provide a viable alternative to for-profit institutions for more than 403 million members in 98 countries worldwide. Credit unions have a 鈥減eople-first鈥� philosophy that drives them to constantly improve their communities and the lives of their members.
As a member of a credit union, you own a share in that organization. While banks鈥� customers own no financial interest in the bank and hold no voting rights, those who choose a credit union as their financial institution gain ownership and equal voting rights among all members. The success of a credit union depends on the success of its members. Although banks and credit unions offer similar financial services, you鈥檒l typically find that credit unions offer their members accounts with less fees and loans with lower rates than those at for-profit institutions. That鈥檚 the credit union difference.
The Credit Union Movement鈥檚 History
The first financial cooperatives
The first credit unions were formed in 1850s Germany, although they weren’t called credit unions at the time. One of the earliest pioneers of the credit union movement, , wanted to develop an institution that emphasized self-help and community cooperation. Principles which credit unions still stand by today.
Credit unions in the USA
The credit union movement came to the USA in 1907 when proposed the idea to his associate, Franklin D. Roosevelt. After Filene travelled to Calcutta, India and visited cooperative banks, he thought something like that could greatly benefit American workers. In 1908, Filene and banking commissioner Pierre Jay helped create legislation which became the first credit union law in the US: The Massachusetts Credit Union Act of 1909. The first US credit union opened in Manchester, New Hampshire in the same year. Filene has been attributed to coining the term “credit union.”
More credit unions would be established across the country, typically serving specific communities like farmers, firefighters, teachers, or mill workers. In 1921, Edward Filene developed a banking institution for employees of his family-owned department store, Filene鈥檚, which later became known as Filene Federal Credit Union. In 1928, our own 91黑料网 Credit Union was established, later known as 91黑料网. And in March of 2012, 91黑料网 First merged with Filene Federal CU, adding an important part of credit union movement history to our story.