'Concern for Community' Calls for New Actions From Credit Unions

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Since their inception, credit unions have been hybrid organizations, balancing margin with mission and maintaining a powerful connection to the need and well-being of their members. Like all cooperative organizations, credit unions are shaped and driven by the seven cooperative principles, and the seventh – “concern for community” – speaks directly to that connection. Recently, however, credit unions have evolved their approach to serving their communities. Today, more credit unions are embracing their role not only as a provider of fair and accessible financial services, but also as true community organizations, leveraging their financial and other services, philanthropic efforts and advocacy work in ever more aligned ways to positively impact the people they serve.

Earlier this year, in partnership with the Children’s Miracle Network, Filene published an initial foray into quantifying credit unions’ philanthropic giving and identifying some of the key areas where credit unions are focusing their giving. Here are some key takeaways: