International Credit Union Day, traditionally the third Thursday of October since 1948, has a theme this year of "Local. Trusted. Serving You." Credit Union National Association President/CEO Bill Cheney, in extending best wishes to the national movement, noted that this year's theme "perfectly captures what makes credit unions so appealing to consumers across the nation and around the globe.
"Here in the U.S., the 90-million-plus Americans who are credit union members have an advantage over all other consumers in our nation: They experience, first-hand, the benefits of receiving financial services from member-owned, cooperative financial institutions--which practice a philosophy of putting people before products," Cheney said.
"In fact, in doing so, they and their families realize substantial, direct financial benefits: More than $7.5 billion this year alone from favorable rates and lower fees as a result of using credit unions rather than other financial institutions. That breaks down to an average of $84 for each credit union member or $159 for each member household. Because credit unions are member-owed, this savings stays right in local communities," he added.
"It is no wonder, then, that survey after survey shows consumers trust credit unions to look out for their best interests more than any other type of financial institution. Our goal, as committed credit union supporters, should be to ensure that ALL Americans have the opportunity to realize these benefits through a simple, effective path to membership," he said.
webcast at Credit Union House in Washington, D.C., today will feature a panel gathered to discuss their collective member service heritage. Cheney and Pete Crear, president/CEO of World Council of Credit Unions, will head today's
webcast. Also, participating in the panel, moderated by Paul Berry, the voice of CUNA's Home and Family Finance Radio, will be Paul Hazen, president/CEO of the National Cooperative Business Association; and Mark Meyer CEO of the Filene Research Institute. The
webcast, which will run from 3 to 4 p.m. ET, is open to the public and will allow time at the end of the discussion for panelists to respond to question submitted from the online audience.