The formerly known BIU Members Credit Union Co-op. Society changed to the Bermuda Credit Union Co-op. Society since September 2017 was formed in 1972 through the instrumentality of the leaders of the Bermuda Industrial Union (BIU). The Credit Union is affiliated with the World Council of Credit Unions, which has a history dating back to the early 19th Century. Today credit union membership worldwide is over 222 million in 109 countries, 6 continents, 60,500 credit unions with assets in aggregate of $1.8 trillion. It is also a part of the Caribbean Confederation of Credit Unions. Within the Confederation, there are 386 Credit Unions across 19 territories with assets in aggregate of US$7B.
Since 2008, the Credit Union has made a concerted effort to coalesce with sister labour unions and associations such as the Bermuda Union of Teachers, (BUT), Bermuda Public Services Union (BPSU), Bermuda Police Association, the fire department, the correctional officers and similar groups including clubs and other associations. It has also made its foray into the schools with its CU-CLUBBS, Credit Union’s Children Let us Build our Bermudian Savings. The Bermuda Credit Union Co-op. Society is the sole Credit Union in Bermuda, with now an asset size of $15M and serves the financial needs of over 4,200 conscientious, ambitious and proud members. Everyone involved is proud to be associated with the only indigenous financial co-operative on this island.
