It is the goal of the Ontario Educational Credit Union to be the main provider of financial solutions for our Members. When I initial got into credit union history, 1 of the handful of resources I could simply find was America’s Credit Union Museum in Manchester, NH. I reached out to the director, Peggy Powell, who had beneficial reading suggestions, and I ended up s pending two days in the Museum’s reading area operating my way through some uncommon literature.
Everybody leans on him and no 1 knows anything about the credit union except as he interprets the credit union, and, also typically in the method of his interpretation proves conclusively that he does not know what a credit union is. The right credit union is the credit union wherein the typical member has an understanding of his credit union in all phases of its potentialities of service.
The examination of a typical Canadian credit union’s Mission or Purpose will generally reveal that the credit union is focused on the economic nicely-getting of its members, becoming inclusive, delivering the merchandise, services, information and suggestions to its members that will help members advance their private economic literacy and properly-becoming, concern for enhancing the financial and social nicely-being of the communities in which the credit union operates, and the like.
There is important commonality to the mission and objective of most Canadian credit unions since most have adopted the seven internationally accepted co-operative principles Powerful financial performance of the credit union is needed for the credit union to put these principles into action but monetary overall performance (and the standard expectation of maximization of financial return to the shareholders of a for-profit enterprise) has not been the standard end purpose of a Canadian credit union.
It presents a substantial competitive distinction that credit unions can take benefit of in competing with banks but it also introduces the risk that a credit union can inadvertently destroy worth for its membership by focusing too intently on the maximization of monetary efficiency of the credit union These subjects will be the focus of future writings.