Commitment to
Community
OWCU in the News
Governance
Governance: What is a Credit Union?
- Credit unions are autonomous, locally directed co-operatives which operate according to the principle of one member, one vote. All members are equal owners regardless of the size of their accounts.
- Credit unions actively promote education in economic, social, and democratic self-help principles for their members, officers, employees, as well as the general public.
- Every credit union operates within a “bond of association” - a common bond between all of its members.
- The Ottawa Women’s Credit
Union is part of a worldwide system of financial co-operatives. Members, who
jointly own and control their credit unions, pool their savings to get
financial services at reasonable costs. Credit unions are governed by the
following “Co-operative Principles” adopted by the International
Co-operative Alliance:
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training, and information
- Co-operation among co-operatives
- Concern for community
- The OWCU’s bond is women who live or work in the Ottawa-Carleton region, and their families. Founded in 1980 to respond to the financial needs of women not being met by banks and trust companies, the OWCU is the only financial institution operated by and for women in Canada.
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