Credit Unions today, though autonomous, operate under the fundamental tenets crafted by England’s Rochdale Pioneer Co-operators, namely:
Open Membership – nondiscrimination irrespective of colour, religion, class or creed;
- Democratic Control – one man, one vote, irrespective of share ownership;
- Continuous Education;
- Not for Profit, Not for Charity, but for service-surpluses are spread equitably across the membership and not to an elite class of shareholders;
- Patronage Refund – where supernormal surpluses are made in any financial year, refunds for interest paid on loans may be made; and
- Co-Operation among Co-Operatives.
These, along with Prudential Standards set by the World Council of Credit Unions in accord with BASEL II, are what Credit Unions precluding the Bermuda Credit Union Co-op. Society are bound to, live by and are measured by.
