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    The Basics of Credit Union Philanthropy

    Lisett Comai-Legrand

    Lisett Comai-Legrand About The Author

    Jun 3, 2021 6:30:00 AM

    As not-for-profit financial cooperatives, credit unions operate under a universal set of operating principles that distinguish them from their for-profit counterparts (banks), in the financial services industry.

    The key credit union principles are:

    Of particular interest is operating principle seven, “concern for community.” This principle provides that credit unions have a concern beyond their membership that extends to the community. This principle forms the cornerstone for credit union’s philanthropic endeavors. Being charitable is really part of credit unions’ DNA.

    Hands in a circle to represent credit union philanthropy

    By focusing on the community where their members work, worship, live and attend school, among other things, credit unions leverage their local presence to provide local service to members.

    Local service and concern for community can mean several things to a credit union. Among these things are:

    • Affordable, appropriate financial products and services for members
    • Community leadership
    • Collaboration
    • Stewardship
    • Charitable giving
    • Educating members and communities about financial issues
    • Putting members’ needs first when engaging in philanthropy

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