Today, credit unions throughout Newfoundland and Labrador are celebrating International Credit Union Day. This year’s theme, “Local Service, Global Reach”, recognizes the positive impact credit unions have on families and communities around the world.
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 36 service locations throughout Newfoundland and Labrador.
So far in 2019, membership in credit unions has increased to almost 63,000 which is over 12 per cent of the population of Newfoundland and Labrador. Their total assets are currently $1.3 billion and growing in excess of four per cent annually. The credit union system employs over 300 people, including nearly 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. The day is recognized to reflect upon the credit union movement’s history, promote its achievements, recognize their hard work and share member experiences.
“Today is International Credit Union Day. Credit unions have been providing valuable financial services to their members throughout Newfoundland and Labrador for years. They are locally operated, keeping profits in our province, helping our communities grow and thrive.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
“Credit Unions and Co-operatives are integral in shaping the areas in which we live and work in Newfoundland and Labrador. That is why it is important that we recognize International Credit Union Day during Co-op Week, to raise awareness and promote the great work being accomplished throughout the province and abroad”
Honourable Bernard Davis
Minister of Tourism, Culture, Industry and Innovation
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Newfoundland and Labrador Credit Union
Tourism, Culture, Industry and Innovation