Happy International Credit Union Day! This annual event celebrated on the third Thursday of October commemorates the spirit of the global credit union movement and the tremendous work that credit unions and other financial cooperatives are doing around the world. The theme for this year’s 72^nd anniversary of the celebration is “Inspiring Hope for a Global Community.”

How can credit unions inspire hope, you may ask? First and foremost, they provide an effective and viable alternative to for-profit financial institutions for more than 274 million Members in 118 countries worldwide. More than 85,000 credit unions exist globally, providing a wide range of financial services for their Members. They’re recognized as a force for positive economic and social change.

That’s because credit unions are so much more than a place to do your banking. We exist to serve our Members, not to make a profit. Every Member counts, including those of modest means. This “people-first” philosophy impels credit unions and our employees to get involved in our community and support worthwhile causes. For example, here at Frontwave Credit Union, we offer public financial education and workshops, participate in community events such as the North County Health Fair, and sponsor organizations such as the Camp Pendleton Armed Services YMCA and the Oceanside Museum of Art.

Even during the COVID-19 crisis, credit unions around the world have continued to provide a high level of service to their Members and demonstrated a generosity to their local communities that has set them apart from other financial institutions. Here at Frontwave, for example, we jumped in to help over 169 small local businesses from Oceanside to Temecula to Barstow get the funds they needed to pay their employees and stay afloat via the Paycheck Protection Program. We’ve also helped over 1,650 Members affected by the pandemic extend their loan payments through Skip-a-Pay, Loan Extensions and Mortgage Forbearance.

Another thing that sets credit unions apart? We work together for the greater good! Credit unions are known for their cooperative nature. Just last year, Frontwave and 3 other San Diego-area credit unions hosted a delegation from Costa Rica-based CoopeAnde No. 1 Credit Union as part of the World Council of Credit Unions’ Immersion Learning Program. The program provides credit union professionals from around the world the opportunity to network and exchange perspectives on the shared challenges we face and how we’re working to overcome those challenges to better serve our Members.

Today and every day, we’re thankful to be a part of the incredible global credit union community — and even more thankful for how it enables us to help our Members and our local community!

Has being part of the credit union community helped inspire hope in you? Hit us up on Facebook, Instagram or Twitter to let us know!