Rio Grande Credit Union is a financial cooperative. Written in 1844, The Rochdale Principles outlined fundamental concepts of cooperatives and the value of equality, equity and mutual self-help. These eight principles were developed in Rochdale, England by the Rochdale Society of Equitable Pioneers.
1. Voluntary 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 or religious discrimination.
Many cooperatives, such as credit unions, operate as not-for-profit institutions with volunteer board of directors. In the case of credit unions, members are drawn from defined fields of membership.
2. Democratic Control
Cooperatives are democratic organizations owned and controlled by their members, one member one vote, with equal opportunity for participation in setting policies and making decisions.
3. Members’ Economic Participation
Members are the owners. As such they contribute to, and democratically control, the capital of the cooperative. This benefits members in proportion to the transactions with the cooperative rather than on the capital invested.
For credit unions, which typically offer better rates, fees and service than for-profit financial institutions, members recognize benefits in proportion to the extent of their financial transactions and general usage.
4. Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If the cooperative enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the member and maintains the cooperative autonomy.
5. Education, Training and Information
Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of the cooperative.
Credit unions place particular importance on educational opportunities for their volunteer directors, and financial education for their members and the public, especially the nation’s youth. Credit unions also recognize the importance of ensuring the general public and policy makers are informed about the nature, structure and benefits of cooperatives.
6. Cooperation Among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, state, regional, national, and international structures.
7. Concern for Community
While focusing on member needs, cooperatives work for the sustainable development of communities, including people of modest means, through policies developed and accepted by the members.
8. Diversity, Equity and Inclusion
Rio Grande Credit Unions supports an eighth principle, diversity, equity and inclusion, which are adopted from the 12 Development Issues that act as barriers to the well-being and prosperity of members and communities served by credit unions.
Diversity is expressed in many forms and must be embraced throughout all business and social structures. Equity can be achieved by combating discrimination and creating processes and cultures that promote equity. Inclusion addresses representation at the highest and most visible levels. We must ensure that diverse, disadvantaged, and marginalized populations have a “voice” or “seat at the table” within our power structures.