On August 24, 1984, the World Council of Credit Unions approved the nine International Credit Union Operating Principles that have remained the cornerstones of the Credit Union movement. They are:
- Open and Voluntary Membership
Membership in a credit union is voluntary and open to all within the accepted common bond of association that can make use of its services and are willing to accept the corresponding responsibilities. - Democratic Control
Credit union members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union, without regard to the amount of savings or deposits or the volume of business. The credit union is autonomous, within the framework of law and regulation, recognizing the credit union as a cooperative enterprise serving and controlled by its members. - Non-Discrimination
Credit unions are non-discriminatory on all grounds, including but not limited to race, orientation, nationality, sex, religion and politics. - Service to Members
Credit union services are directed to improve the economic and social well-being of all members. - Distribution to Members
To encourage thrift through savings and thus to provide loans and other services, a fair rate of interest is paid on savings and deposits, within the capability of the credit union. - Building Financial Stability
A prime concern of the credit union is to build the financial strength, including adequate reserves and internal controls that will ensure continued service to membership. - Ongoing Education
Credit unions actively promote the education of their members, officers and employees, along with the public in general, in the economic, social, democratic and mutual self-help principles of credit unions. The promotion of thrift and the wise use of credit, as well as education on the rights and responsibilities of members, are essential to the dual and social economic character of credit unions in serving member needs. - Cooperation among Cooperatives
In keeping with their philosophy and the pooling practices of cooperatives, credit unions within their capability actively cooperate with other credit unions, cooperatives and their associations at local, national and international levels in order to best serve the interest of their members and their communities. - Social Responsibility
Continuing the ideals and beliefs of cooperative pioneers, credit unions seek to bring about human and social development. Their vision of social justice extends both to the individual members and to the larger community in which they work and reside. The credit union ideal is to extend service to all who need and can use it. Every person is either a member or a potential member and appropriately part of the credit union sphere of interest and concern. Decisions should be taken with full regard for the interest of the broader community within which the credit union and its members reside.
