Press

Credit Unions Can Leverage Their Cooperative Principles To Grow And Thrive

NEWS RELEASE:
From CUNA Mutual Group Public Relations
www.cunamutual.com

For more information:
Michelle Larson 608/231-8310  michelle.m.larson@cunamutual.com
Rick Uhlmann 608/231-8940  rick.uhlmann@cunamutual.com

SAN ANTONIO – Credit unions can grow and thrive through their cooperative principles, attendees were told at an America’s Credit Union Conference Discovery breakout session on Monday by co-presenters and Credit Union Development Educators from CUNA Mutual Group and BECU.

Many credit unions develop principle-centered initiatives and generate positive economic results for their members, the community and the credit union itself, said Jennifer Kuhn, talent management and recruiting director at CUNA Mutual.

“Credit unions are unique in the financial services space with their cooperative model.  Leveraging the credit union difference can help generate growth and financial success,” Kuhn said.

Deborah Wege, community affairs manager at BECU and executive director of the BECU Foundation, told the audience about BECU’s support of Express Credit Union in King County, Wash. The focus of Express CU is on providing low- and moderate-income families affordable financial services as an alternative to payday loans and check cashers. BECU works with Express CU to expand its capital and extend its influence to immigrant and low-income families in the Puget Sound region.

“Not only does BECU’s sponsorship help the members of Express CU, it enhances the ability of BECU to do our cooperative part in strengthening our underserved communities,” said Wege.

The BECU and Express CU example demonstrates two of the seven principles of highly effective credit unions. A concern for the community and cooperation among cooperatives drove BECU to be part of the development of Express CU.

Kuhn and Wege shared with their audience the seven principles of highly effective cooperatives developed by the International Co-Operative Alliance and challenged them to develop a cooperative, purpose-driven credit union.

  1. Voluntary and Open Membership – Cooperatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
  2. Democratic Member Control – Cooperatives are democratic organizations controlled by their members, who actively participate in setting policies and making decisions. The elected representatives are accountable to the membership.
  3. Members’ Economic Participation – Members contribute equitably to, and democratically control, the capital of their cooperative. Members allocate surpluses for any or all of the following purposes: developing the cooperative, benefiting members in proportion to their transactions with the cooperative; and supporting other activities approved by the membership.
  4. Autonomy and Independence – Cooperatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations they do so on terms that ensure democratic control by their members and maintain their cooperative autonomy.
  5. Education, Training and Information – Cooperatives provide education and training for their members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperatives. They inform the general public, particularly young people and opinion leaders, about the nature and benefits of cooperation.
  6. Cooperation Among Cooperatives – Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
  7. Concern for Community – While focusing on member needs, cooperatives work for the sustainable development of their communities through policies accepted by their members.

Cooperative principle learning is at the core of the National Credit Union Foundation’s Credit Union Development Educators (CUDE) Certification program.  Kuhn and Wege are Credit Union Development Educators, representing the CUDE Advisory Council.

CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.

CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc.  Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wisconsin.

More News