The Welsh Liberal Democrat Assembly Member for South Wales West, Peter Black is asking people and organisations to commemorate International Credit Union Day on Thursday 15th October by stopping and thinking about the work that credit unions do locally.
The goal of the day is to raise awareness about the great work that credit unions are doing around the world and give members the opportunity to get more involved. Credit unions and associations throughout the world celebrate the day with fundraisers, open houses, contests, picnics and parades.
Mr. Black said: “Credit union membership in Wales doubled in the decade to September 2014. Nearly 72,000 people now have a credit union account – up from just 34,000 in 2004. The average annual rate of membership growth over the last three years has also been greater in Wales than in any other part of the United Kingdom.
“The three credit unions in our region have made their own significant contributions to the growth of the Welsh credit union sector. LASA, Swansea’s Credit Union has grown 24% in the last year, Neath Port Talbot Credit Union has increased its development work with junior savers, and Bridgend Lifesavers Credit Union now supplies credit union services to Abertawe Bro Morgannwg Health Board workers.
“Credit unions are run by local people to help local people. They are controlled by volunteer boards, elected by the members of the credit union, and are run by a mixture of professional staff and volunteers. That is what makes them unique, and gives them a deserved reputation for innovation.
“Members get a convenient and safe method of saving and access to affordable loans, but they also get a say in how the organisation is run and the benefit of knowing that they are helping to support their local community.”