Connecting Globally, Impacting Locally: Why Global Credit Union Collaboration Matters

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International Credit Union Day celebrates the positive impact credit unions have on communities worldwide. With ICU Day around the corner on Oct. 17, now is the time to consider how you can support the credit union mission, not just locally but globally. This year's theme, One World Through Cooperative Finance, highlights the impact credit unions have on community development worldwide.

This theme was at the center of our latest episode of The Cornerstone League Podcast, which featured members of Cornerstone’s International Relations Committee. The committee is dedicated to fostering connections between credit unions locally and abroad. The discussion highlighted how learning from international peers can shape a stronger, more resilient movement here at home.

A Broader Perspective

During the episode, our guests shared how they’ve seen firsthand the power of credit union partnerships across the globe. Some examples include:

Open Banking: The speakers explored how open banking, already established in Europe, could revolutionize financial services in the United States by offering consumers more control over their financial data. Credit unions, they noted, could leverage this trend to differentiate themselves from traditional banks. Mazuma Credit Union is watching this development closely to better understand how it will impact the financial landscape in the U.S.

Microfinance: The discussion highlighted how microfinance—widely used in developing countries—serves as a tool for lifting individuals out of poverty and empowering small businesses. True Sky Credit Union’s experience with international credit unions has helped inspire new ways to support underserved communities, learning from the successes of microfinance models abroad.

Global Credit Union Partnerships: True Sky collaborated with the Ghana Co-operative Credit Unions Association, an experience that fostered an exchange of ideas, providing insight into how credit unions in different parts of the world serve their members, particularly in areas like green energy lending and community engagement.

Addressing Global Challenges: The podcast also touched on shared challenges that credit unions face globally, such as privacy concerns, regulatory changes, and economic disparities. These issues are not unique to one region, and by learning from international counterparts, U.S. credit unions can strengthen their approaches to member service and innovation.

Tune In to the Podcast

For more inspiring stories and insights on the global credit union movement, listen to the full episode of The Cornerstone League Podcast. Let’s take International Credit Union Day beyond just “punch and cookies” in the lobby. It’s a time to recognize that credit unions are making a difference globally.