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 #8, Diversity, Equity & Inclusion, and how credit unions live out that principle daily!
The National Credit Union Foundation defines this principle as the following:
Credit unions support diversity, equity, and inclusion as a shared credit union cooperative principle and have a continued responsibility to take a leadership role in building and serving more diverse, equitable, and inclusive communities.
In 2019, the Credit Union National Association, now America’s Credit Unions, and the National Credit Union Foundation adopted a board resolution to support diversity, equity, and inclusion as a shared credit union cooperative principle, mandating that credit unions have a responsibility to take a leadership role in building and serving more diverse, equitable, and inclusive communities. The Wisconsin Credit Union League Board of Directors also ratified a resolution in early 2020 in support of this new cooperative principle.
Why was Diversity, Equity, and Inclusion adopted as an 8th principle?
Supporting diversity, equity, and inclusion—also known as DEI—is fundamental to a vibrant, relevant, and growing Credit Union Movement. A focus on DEI has also been proven time and again as good for business, resulting in stronger credit unions, more people’s financial needs being met, and more prosperous communities as a whole.
However, as Credit Union Movement legend and former America’s Credit Unions Board chair Maurice Smith remarks, “There is more to diversity and inclusion than financial access for members. We need to hold each other accountable for equality, equity, and opportunity for members, volunteers, and credit union professionals. It must be everywhere from the grassroots of our communities to the top of our credit unions or we will not fully serve our purpose.”
Credit unions illustrate their commitment to DEI through innovative programs, products, and services aimed at serving the unique needs of their communities. Credit unions and the organizations that support them are also on the forefront of providing resources groups to support staff and members, such as CU Pride, the Global Women’s Leadership Network, the African-American Credit Union Coalition, and the Native American Credit Union Coalition—to name a few.
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!