Friday, October 18
During the course of every year, we like to stop and say ‘thank you’ to our members. In keeping with the spirit of International Credit Union Day, which every year celebrates the Credit Union Movement, Taleris Member Appreciation Day is Friday, October 18. We’ll have snacks and refreshments at both branches for any and all who stop by. If you’re in the neighborhood, come on in, say hello, and have a snack on us. If you’re not sure where our branches are, you can CLICK HERE.
International Credit Union Day
Since 1948, International Credit Union Day has been celebrating the history and achievements of the Credit Union movement. It is a day meant to honor those who have dedicated their lives to that movement, and to recognize the efforts of those working in the credit union industry. Most importantly, it is a day to show members our appreciation.
A bit of History – It’s a Movement
More than one hundred years ago, Credit Unions began to form in this country, following a European and Canadian model. The goal was to provide affordable credit to working class families…borrowers that banks and savings institutions had little interest in… and, to protect them from high-interest loan sharks.
In 1900, Alphonse Desjardins organized La Caisse Populaire de Levis in Quebec, Canada. A court reporter, Desjardins became aware of loan sharks charging borrowers outrageous interest rates on loans. In response, he organized the first credit union in North America to provide affordable credit to working class families. Nearly a decade later, Desjardins helped a group of Franco-American Catholics in Manchester, New Hampshire, organize St. Mary’s Cooperative Credit Association. St. Mary’s, the first credit union in the United States, opened its doors in 1909.
As a result of the efforts of Edward Filene, a merchant and philanthropist, and Pierre Jay, the Massachusetts Banking Commissioner, the Massachusetts Credit Union Act became law April 15, 1909. The Massachusetts law served as a basis for subsequent state credit union laws and the Federal Credit Union Act, which became law 25 years later.
During the 1920s, the U.S. credit union movement became increasingly popular. Families had more money to save and could afford products like automobiles and washing machines. They, however, needed a source of inexpensive credit to purchase these goods. The popularity of credit unions grew because commercial banks and savings institutions generally showed limited interested in offering such consumer loans.
In 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law, creating a national system to charter and to supervise federal credit unions. The credit union movement grew steadily in the 1940s and 1950s. By 1960, credit union membership amounted to more than 6 million individuals belonging to more than 10,000 federal credit unions.
Today, credit unions are still cooperatives, still owned by their members and still dedicated to serving the financial needs of those members. Our Member Appreciation Day is just a small way for us to say thanks to the members who keep the Credit Union movement alive right here.