The United Nations has declared 2025 the International Year of Cooperatives, highlighting how cooperatives build a better world through their vital role in sustainable development, inclusive growth, and strengthening community resilience.
As not-for-profit cooperatives, credit unions are uniquely equipped to foster financial well-being for all through their adherence to the seven Cooperative Principles originally adopted by The International Cooperative Alliance and an emerging eighth cooperative principle set by the National Credit Union Foundation and America's Credit Unions.
This month, let's learn more about Cooperative Principle #7, Concern for Community, and how credit unions live out that principle daily!
The National Credit Union Foundation defines this principle as the following:
While 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.
This seventh Cooperative Principle was originally incorporated into the sixth, “Cooperation Among Cooperatives,” but was made its own separate and distinct principle during the Cooperative Alliance’s General Assembly in 1995.This update emphasized that a cooperative’s duty is not only to other cooperatives but to their members and the community at large. Due to their unique structure, cooperatives can be at the forefront of fostering “sustainable development” for their communities--enhancing the living standards of both current and future generations, promoting social cohesion, justice, and progress, and safeguarding the natural environment.
Credit unions show their commitment to the well-being of the communities they serve through financial support of charitable organizations, community projects, and civic groups, along with countless volunteer hours spent. In the past year, Wisconsin’s credit unions donated $9 million to the betterment of their communities. You can learn more about how Wisconsin’s credit unions make a positive impact throughout the year by checking out our monthly CUs in the News series, our CU Community Days event, and our social media channels.
Additionally, credit unions offer programs and services to both members and non-members alike that promote financial literacy and well-being, whether that’s hosting financial education events for youth, operating of in-school, student-run branches, or offering free financial counseling, VITA tax preparation, and document shredding services—just to name a few.
Finally, through organizations like The Wisconsin Credit Union League, credit unions can advocate together to support bills that combat financial elder abuse, enact financial literacy requirements for high school graduation, allow for the creation of ABLE accounts, and more.
As not-for-profit financial cooperatives focused on fostering financial well-being for all, credit unions reflect these time-honored Principles that have built the bedrock for their success and member success. Stay tuned as we continue to celebrate the Cooperative Principles throughout 2025!