Minister Recognizes International Credit Union Day

Written by on October 16, 2014

Local Financial Services Supporting Families and Communities

 

Minister Recognizes International Credit Union Day

 

assemblyToday, credit unions throughout Newfoundland and Labrador are celebrating International Credit Union Day. This year’s theme, Local Service. Global Good.,highlights the positive impact credit unions have on communities, and around the world. The credit union system in this province continues to be successful with growth occurring in a number of areas including membership and assets.

 

“I am delighted to recognize International Credit Union Day as credit unions provide valuable services to their members throughout the province. The Provincial Government is proud of the success credit unions have achieved. Credit unions are locally owned and controlled, meaning profits stay in this province, which helps keep our communities vibrant and thriving.”

– The Honourable Tony Cornect, Minister of Service NL

 

The Provincial Government collaborates with the Credit Union Deposit Guarantee Corporation to regulate credit unions, ensuring government legislation and sound business practices are followed. Currently, there are nine credit unions with 39 service locations throughout Newfoundland and Labrador.

 

So far in 2014, membership in credit unions has increased to almost 61,000 which is over 11 per cent of the population of Newfoundland and Labrador. Their total assets are currently $1.078 billion and growing in excess of six per cent annually. The credit union system employs over 300 people, including 200 living in rural Newfoundland and Labrador, and provides salaries and benefits of over $20 million annually.

 

International Credit Union Day has been celebrated on the third Thursday of October since 1948. Credit Unions and associations celebrate the day with various events such as open houses.

 

QUICK FACTS

  • Today is International Credit Union Day with this year’s theme being Local Service. Global Good. The theme recognizes the positive impact credit unions have on communities.
  • The Credit Union system throughout Newfoundland and Labrador continues to experience growth. As of July 30, 2014, total assets were $1.078 billion.
  • Membership has also increased to almost 61,000, over 11 per cent of the population of Newfoundland and Labrador.
  • Currently there are nine credit unions with 39 service locations throughout Newfoundland and Labrador.
  • The credit union system employs over 300 people, including 200 living in rural Newfoundland and Labrador, and provides salaries and benefits of over $20 million annually.

 


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