ORNL FCU 75 Years

THE EIGHT COOPERATIVE PRINCIPLES OF CREDIT UNIONS L ike other credit unions, ORNL FCU is a cooperative, which is an independent group of people united to meet their common needs and aspirations through a jointly owned and democratically controlled business. Cooperatives around the world operate according to the same set of core principles and values adopted by the International Cooperative Alliance. These principles serve as guidelines by which businesses put their values into practice. In 2019, DEI (diversity, equity, and inclusion) was adopted by the Credit Union National Association and the National Credit Union Foundation as the eighth cooperative principle of credit unions. ORNL FCU is fully committed to supporting the credit union philosophy of people helping people and aligning its purpose and core beliefs with these cooperative principles. 1. Voluntary and open membership. Credit unions are voluntary, cooperative organizations offering services to people willing to accept the responsibilities and benefits of membership without gender, social, racial, political, religious, or other discrimination. 2. Democratic member control. Credit unions are controlled by their members who have equal voting rights (one member, one vote) and actively participate in setting policies and making decisions. Those who serve as elected representatives are accountable to the membership. 3. Member economic participation. Credit union members are both owners and customers. The more people that participate, the more that can be given back in the form of more products, lower loan rates, higher savings yields, and fewer fees. 4. Autonomy and independence. When credit unions enter into agreements with other organizations, they do so based on terms that ensure democratic control by all members and maintain their cooperative independence. 5. Financial education, training, and information. Credit unions are committed to providing financial education for their members and to the community at large. From budgeting basics to retirement planning and how credit works, they do all they can to ensure that both membership and the general public are well informed. 6. Cooperation among cooperatives. Credit unions serve their members more effectively when they strengthen the cooperative movement by working together through local, state, regional, national, and international structures. 7. Concern for the community. Credit unions are passionate about serving their members and about making an impact in the community. They volunteer for local charities and participate in causes to make a difference. 8. Diversity, Equity, and Inclusion. Credit unions strive to incorporate diversity, perform equitably, and ensure inclusion at all levels of their organizations to better serve members, show members they are valued, and ensure that members receive equitable service.

1948-1958 The Beginning | 19