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Media Room
Media Kit
Backgrounder
Credit unions are more than simply financial institutions. They are democratically owned and controlled institutions based on the “People Helping People” philosophy. "Not for profit, not for charity, but for service" captures the essence of the credit union movement. Credit unions are the consumer's alternative providing opportunities for people to improve their lives, economic well-being, and self-reliance.
In 1849, people of a tiny farm village in southern Germany found themselves in a deep depression with continuous drought, crop failures, and rampant unemployment. They were desperate to meet obligations and buy the necessities of life. Facing poverty and starvation, they were forced to obtain money from money lenders and loan sharks at high rates. They knew they had to find a better solution. These people had to create a way to help themselves out of their misery and never let it happen again. The idea they had was the beginning of credit unions.
In very small ways, people began to save their money together regularly. The resulting pool of funds was then put to use in improving the state of the whole community because people could borrow for good purposes at interest rates they could afford to pay. Meanwhile the people who were members of the group would own and control this device - the credit union. These conditions are still the foundation of the modern-day credit union movement.
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