Credit Unions Explained Interactive for Your Lessons Business & Entrepreneurship Each Classes

credit uNions explained Interactive for your lessons Business & Entrepreneurship Each classes

n…is the.” expression Alphonse Desjardins in the field of economics A credit unio “of a high social ideal Lead. Cultivate. Connect.

This publication may not be reproduced without the written consent of On Co‑op — with the exception of the student handouts, which may be reproduced but not altered, for classroom use.

Credits & Acknowledgements

In the true spirit of co‑operation, this resource would not have been possible without the help of many hands and minds. Our warmest thanks go out to our Ontario Credit Union partners, and in particular, the following co‑operators:

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Letter to Teachers & Students 4

Lesson 1A Choosing your Financial Institution 5 Students take part in a blind “taste test challenge” activity to discover the differences between credit unions and banks.

Lesson 1B The 411 on our Financial Institutions 8 The stats about Canada’s credit unions and banks. Student Handout: Comparison chart of banks and CUs, and the story of Desjardins & the first credit union in North America.

Lesson 2 Investigating the collapse of 2008 and the Move Your Money project 11 Student Handout: The “Too Big to Fail” breakdown

Lesson 3 Spinning the Difference: Branding the Different Kinds of Banks 14 Students work in groups as “Spin Doctors”, creating a unique marketing campaign for either a corporate bank or a credit union.

CREDIT UNIONS EXPLAINED 3

Introduction It is well enough that people of the nation do not understand our banking “and monetary system, for if they did, I believe there would be a revolution for teachers and studentsbefore tomorrow morning.” Henry Ford

In 2008, the world was shaken by what has been called the worst financial crisis since the Great Depression of the 1930s, and the repercussions are still being felt today. Choosing Your Financial Institution

Multiple analyses of the 2008 collapse have To add to their impressive resume, credit The Differences between Credit Unions & Banks revealed a common factor: the unethical and unions were not to blame for the 2008 crisis greedy business practices by those working and fared far better in the wake of the collapse. in some of North America’s largest financial Type “credit unions” and “2008” into any search institutions, and the system-wide failure to engine, and you’ll be flooded with articles singing enforce accountability for their actions. (We’ll the praises of the democratic, sustainable and explore this and the “too big to fail” crises in co‑operative structure of these not-for-profit Lesson 2.) financial institutions.

Curiously, our telling of this story of injustice Many of us never learned about credit unions often ends there, in frustrated acceptance that because, unlike the profit-first philosophy of “this is just the way the financial system works.” corporate banks, a credit union’s mandate is to first serve the needs of its members and But it doesn’t have to. local community — and not spend millions on advertising in an effort to bring in as much What if you had a completely equal vote to decide money as possible. “People Before Profit” is a how your bank was run, and were able to provide common mantra in the credit union world. input into its direction, and business practices? Our goal is to highlight the sustainable Believe it or not, banks like this already exist. and democratic structure of this often- Too often we overlook the fact that credit overlooked type of financial unions are simply banks that are owned and institution. This resource has controlled by their members (those who have been designed as a tool an account and use these co-operative banks). to educate our next Worldwide, 51,000 credit unions are meeting the generation of leaders needs of 196 million members, and in Canada on the story, structure alone there are 736 credit unions. In more than and philosophy behind 25 Ontario communities, credit unions remain their local credit as the only financial institution after the big union — and why it not only banks moved out. survives, but often thrives in tough times.

4 All 4 Each Teacher’s 1 instRuctionS Lesson 60 min.

Choosing Your Financial Institution The Differences between Credit Unions & Banks

Lesson Overview & Goal Materials

As students realize the realities of their financial A class set of photocopies of pages 9 and 10. future and develop a plan to get them off to a 1. positive start, an important step for them is to If desired, a projector and screen of pages 7, 9 decide what financial institution is a best fit for 2. and 10 projected for the class. them and their path.

This lesson has been designed as a type of a blind “Coke/Pepsi Taste Test Challenge” where students will learn the difference between credit unions and banks. • Likely, the majority of the students will answer, “In the bank!” Classroom Prep • Poll the students as to which particular bank they use, and more importantly, why they’ve Clear as much space as possible in the classroom chosen that bank. (Generally, it will be out of by pushing all the desks against the walls. habit, as their parents/guardians bank there.) Students can either sit on the floor in the middle • Can anyone name the Big Five corporate of the class, or on their desks. They don’t need banks in Canada? any books or pencils for this activity. • Who do you think owns your corporate bank?” (Most likely you’ll hear, “The government.” Activity 1A ( 30 minutes) The correct answer is, “A small group of shareholders.”) 1. Lead-In Questions/Discussion • Open the class by asking, “Where do you and the rest of your family keep your savings?”

CREDIT UNIONS EXPLAINED 5 Teacher’s instRuctionS Lesson1 choose your bank

• Tell students, “There’s another type of bank that offers all the same services as the Big Five, but is structured very differently. You don’t hear about this kind of bank as much as the big five corporate banks — and we’re going to explore why this is.” • “We’re also going to figure out which type of financial institution best fits with you and your needs.”

Put two signs up on the walls at opposite 2. ends of the class that read, Bank #1 and Bank #2. Have the students line up in the middle of the room, all facing the sign labeled Bank #1. (See opposite After the nine questions have been asked, illustration.) 6. the students will be spread out and going in the direction of the bank of their choice. Remind students that both Bank #1 and Have them stand in place as you reveal 3. #2 offer all of the exact same services (i.e., which bank is which. savings and chequing accounts, loans, mortgages, etc.). Reveal to the students that if they took 7. more steps backwards than forwards that Inform the class that you’re going to read they were heading in the direction of a 4. them opposing facts about how each bank corporate bank. In Canada, examples of is structured. Each student’s job is to the five biggest banks would be RBC, TD choose which fact sounds most attractive Canada Trust, ScotiaBank, BMO and CIBC. to them and aligns with their values, and then take one step in the direction of that Then, reveal to the students who took bank. 8. more steps forward than backwards that they were heading in the direction Read aloud the Choose-Your-Bank of a co‑operative bank, which is more 5. Activity Questions on the opposite page. commonly referred to as a credit union.

Take a tally of how many students ended up 9. on the credit union side vs. the bank side. Record this number.

6 All 4 Each Choose-Your-Bank Activity Questions Read the following questions to the class, and allow students time to make their “step” after each one. A. If you’d like the focus of your bank to be: F. Your bank has a board of directors. Would a. To make a profit for those individuals who you rather they be made up of: buy shares in the bank, then take one step a. Paid individuals who have been hired backwards. by the bank owners, take one step b. To do what’s best for its members backwards. (meaning those who have an account, and b. Member-owners who have an account at use the bank), then take one step forward. the bank, who volunteer for this position, and who are democratically elected by the If, when you open an account at the bank, you other members of the bank, take one step B. become: forward. a. A member-owner of the bank, take one step forward. G. If you’d prefer that those individuals on the b. A customer of the bank, with no board of directors: ownership privileges, take one step a. Are most likely living in, or have a backwards. connection to the community where your bank is located, take a step forward. C. If you’d rather that: b. Are most likely major shareholders who a. Your bank is democratically run, and as can live anywhere in the world, take a step a member-owner, you get an equal vote backwards. as to how your bank is run, then take one step forward. H. How does your bank use the money you b. The only ones who have a say as to deposit? If you’d rather it… how your bank is run are the major a. Use your money to make loans to local shareholders, and as a customer, you don’t small businesses, thus creating growth get a vote, take one step backwards. and job opportunities in your community, take a step forward. When thinking about visiting your bank’s b. Or, if you’d rather your money be used to D. physical branches: not only make loans, but to buy and sell a. If you’d rather be with a bank whose stocks in order to generate wealth for the branches can be found throughout the bank’s executives and shareholders, country, take one step backwards. take a step backwards. b. If you’re okay with your bank only having physical branches in you community, take If you’d rather that the profits a step forward. I. your bank makes: a. Are distributed only amongst When thinking about conveniently the bank’s paid officials, and E. withdrawing money, how important is it to shareholders, take one step you to be able to easily locate your specific backwards. bank’s ATM, no matter where in Canada you b. Or, are returned to you and are? all the other member-owners in a. If this is very important to you and your the form of lower loan rates, higher banking needs, take one step backwards. savings rates, free services, and/or b. If it’s not, take a step forward. yearly dividend, take one step forward.

CREDIT UNIONS EXPLAINED 7 Teacher’s instRuctionS Lesson1

choose yourA bank B C D 100% Don’t reveal 96% until students have guessed.

PERCENT 31.3%

0% Students in class Students in class Canadians who Canadians who have an who chose a credit who chose a bank are a credit union account with either a union member bank or a credit union

Activity 1B ( 30 minutes) Most likely, there will a large discrepancy 4. between your class results, and the Students can now take their seats / sit on country’s stats — with the majority of your 1. the floor, or their desks — as you pass them students heading towards a credit union. each a copy of the page 9 & 10 handouts. Ask the class: 2. Take the tally from Activity 1A and • What stands out when you look at the graph? calculate the percentage of column A and • Why do you think our statistics are so much B (i.e., number of bank or credit union different than the country’s stats? students ÷ by total number students × 100). • Can anyone share what they know about Draw the graph above on the whiteboard, credit unions? and plot the results. Either individually, or as a class, read Next, ask them to guess what the Canadian 5. through Lesson 1 Worksheet (page 9). 3. statistics are (column C and D). Finally, reveal the actual numbers: while 96% of • Summarize the key differences between the Canadians have an account with either two. a bank or credit union, only 31.3% are • Ask, “Now that you know the differences members of a credit union. between corporate banks and credit unions, 2 why do you think /3 of Canadians have chosen a corporate bank over a credit union? • Why are banks so much better known? • Could or should anything be done about this? • What actions could be taken?

8 All 4 Each

what’s the 1 Worksheet difference? Lesson • 51,000 credit unions worldwide • 736 credit union in Canada alone • Credit unions are part of the larger family of co-operative businesses credit unions & banksFind out more at cucentral.ca

Okay, so by now you know that credit unions and banks are both financial institutions that provide you with services like chequing and savings accounts, credit cards, loans and mortgages, and apps for your smart phone. Beyond this, however, they’re actually very different in the way they’re structured, owned and operated.

Credit Unions banks Credit Unions are not-for-profit co‑operative businesses. Banks are for-profit corporations. (Reminder: not-for-profit does not mean the co‑op doesn’t make money, only that the profits are distributed

back to the members, or used within the co‑operative.)

% They are democratically owned and controlled by % They are owned and controlled by the the people who use them. This means, you aren’t a people who buy shares in the bank. “customer,” you’re actually a member-owner. The people who use the bank are its $ structure % customers. Every member-owner has an equal say when it comes to % % Customers have no ownership in making decisions as to how the CU should be run (one the bank, and no voting rights. member = one vote). You can’t “buy” more votes — so it’s Shareholders get a vote for every always totally democratic. share they own. Therefore, the more shares you buy, the more votes you get. The goal of the CU is to meet the needs of its member- The goal of the bank is to make owners (i.e., to do what’s best for the members, and to $ goal % as much profit as possible for the make a reasonable annual surplus!) shareholders. The members elect a volunteer board of directors from A paid board of directors is hired by the people in their membership during the annual general $governed % the bank to achieve this goal. These meeting. by individuals may not be customers of the bank. Because the Board is made up of volunteers from the The owners and board of directors membership, they live and have an interest in the $ COMMUNITY % of a bank could live anywhere in the community where the CU is located. CONNECTION world.

Any profits that the Credit Union makes are returned Profits are divided up among the to the members in the form of lower loan rates, higher shareholders, not the users of the savings rates and/or free services or patronage or dividend $ PROFITS % bank’s services. allocations.

CREDIT UNIONS EXPLAINED 9

what’s the Worksheet difference? 1 Official credit union logo, Lesson used worldwide credit unions & banks CANADA GETS THE CREDIT Revolutionary Canadian couple starts

the first credit union inWhat doNorth you do? Do you Americastay quiet and magine that you desperately needed to let this injustice take place? Or do you take borrow $100 from a friend, and they say action? These are the exact crossroads that “no problem… but you’ll have to pay me revolutionary thinker Alphonse Desjardins found himself at. In his eyes, the answer was Iback $30,000.” Some friend, huh? Now, put yourself in the middle of this scene: clear: we must make a stand, and take matters It’s 1897, and you live in a tight-knit, working- into our own hands. And so, in 1900, Alphonse and his wife, class community in Levis, Quebec. Very few caisse populaire Dorimene, co-founded the first of your peers have access to credit or savings (meaning “the people’s bank”) in all of North because the powerful banks refuse to do America — bringing together those individuals business with the general (poor) population, from their community who had been either and will only provide services to rich merchants ignored or unfairly treated by the local banks. and wealthy families. From the very start, their guiding principle You’re a socially conscious journalist was clear: ours will be a financial institution who’s working as a note-taker in the House of that is owned and democratically operated by Commons and are already concerned about its members. This was the beginning of the the increasingly unfair and immoral banking Canadian credit union movement. practices that are plaguing your community. Today, there are now 736 credit unions and One day, you observe a parliamentary debate caisses populaires in Canada, that pushes you over the edge. serving 10.2 million members, The debate involves one of your which is pretty incredible when you peers, a hard-working family remember that the very first meeting man who took out a small, much- in 1900 took place in Alphonse and needed loan from the local Dorimene’s kitchen! However, as corporate bank. The bank we Canadians well know, from charged him an interest rate of humble beginnings, do great 3,000% (the same as borrowing things grow. $100 from a friend — and owing them $30,000). Alphonse Desjardins founded the first credit union in North America in 1900. 10 All 4 Each Teacher’s 2 instRuctionS Lesson 60 min.

the 2008 FinancialMaterials Collapse

and The Move Your MoneyA class Project set of photocopies of pages 12 and 1. 13. Alternatively, students could copy the questions from page 13 into their notebooks Lesson Overview & Goal LCD / Screen of page 13 being projected for the 2. class (if not handing out copies). Now that the students have learned about some of the differences between Credit Unions and Banks, we put this distinction into a real-world Activity ( 30 minutes) context as they investigate the causes and culprits behind the 2008 Financial Collapse. Lead-in Questions/Discussion Students will research the story behind the 1. crisis, and in particular the reaction by a group a. Ask the class what they know about of citizens who started a movement urging the the financial collapse of 2008. Who public to “move their money” from the “too big to was involved? Where did it take place? fail” financial institutions to smaller, community How did it come about? What was the banks and credit unions. outcome? b. These questions and their answers This can be assigned as an individual homework could be recorded in point form on project, or in-class research project (individual chart paper / the board as a type of or group work). “before” picture.

Have the students read The “Too Big to 2. Fail” Break Down (page 12). They will then answer the questions from page 13.

A class discussion could then be had on 3. the students’ findings. At this point, the “before” questions and answers can be revisited — to demonstrate the learning that has taken place and ensure that all the questions have been answered/discussed.

CREDIT UNIONS EXPLAINED 11 2 Worksheet Lesson2 My administration is the only thing between you and the pitchforks.” President Barack Obama in 2009, speaking to a group of executives The too-big-to-fail“ breakdownfrom America’s 13 largest banks

Investigating the 2008 Financial Collapse and the “Move Your Money” Project

In 2008, the world was shaken by what many accountability, the government had little choice economists believe may be the worst financial but to bail out these “too big to fail” FIs — with crisis since the Great Depression of the 1930s. taxpayer money. The stock markets plummeted, national governments were forced to bail out huge banks However, as harmful and destructive as the and many large financial institutions (FIs) financial collapse has been to so many, there almost completely collapsed. Evictions and has been a silver lining. This crisis has exposed unemployment spread like wildfire, and the loss the significant flaws in our capitalist, corporate of trillions of dollars in consumer wealth in the system. Consequently, many individuals and U.S. alone led to the eventual global recession. groups, furious with the greed and dishonesty displayed by these huge FIs, are searching for Investigating this collapse, the U.S. senate alternative systems — systems that put the determined that the crisis was the result power back in the people’s hands. of “high-risk, complex financial products; undisclosed conflicts of interest; and the failure One example of this, is the “Move Your Money” of regulators, the credit rating agencies and Project, a peaceful yet strong stand against the the market itself to rein in the excesses of Wall growing economic inequality and corporate Street.” corruption in our world. It’s a call to action that millions of people in North America alone have So what does that mean in everyday terms? excitedly accepted. Basically, that the collapse was due to the very risky, unethical and greedy business practices of Now, we could have easily just listed a few stats individuals working within some massive, for- and facts about the “Move Your Money” Project. profit financial institutions. Added to this was the However, where’s the excitement, engagement critical fact that some of these FIs had grown so and activism in that? This movement is large and powerful, that if they collapsed, it would about taking ownership back into your own have proven disastrous for the world. This is hands — and about finding the stories and why these FIs were labeled “too big to fail.” statistics that speak to you.

And so, due to failures within the corporate So go explore, and see what you can uncover banking structure to enforce transparency and about this growing movement!

12 All 4 Each 1 Worksheet Lesson On October 15th, 2011, protests against economic inequality and corporate corruption erupted in 950 cities around The too-big-to-fail breakdownthe world.

5. When and why did the Move Your Money questions to explore Project (MYMP) start? Were you able to find out who started it? Summarize in your own words and a few 1. sentences what happened to cause the September 2008 financial collapse.

Approximately how many North 6. Americans have moved their money?

What are the dangers of having financial 2. institutions that are “too big to fail”? Are there any advantages?

What are your feelings about the 7. government bailouts of the big FIs?

Did the collapse affect credit unions 3. differently than corporate banks? If so, why do you think that was? What surprised or intrigued you the 8. most when researching this event?

What did you discover 4. about credit unions being bailed out? Could you find Were there any other cool or any stats that compared 9. shocking facts and stats you the bailouts of credit unions uncovered? compared to corporate banks?

CREDIT UNIONS EXPLAINED 13 Teacher’s instRuctionS

Lesson3 60 min. (without presentations) Spinning the DifferenceActivity Branding the Different Kinds1. Lead of-in questions Banks and discussion: a. Ask if anyone knows what a “spin doctor” is. b. Can they think of examples from media Lesson Overview & Goal and advertising where a negative has been “spun” into a positive? After learning about the differences between c. As a class, do a quick brainstorming credit unions and banks, students will now session on how you could “spin” the be split into groups and given the role of “spin following situations: doctors” or marketing specialists. They will be • You decide to tell your parents that asked to create a marketing campaign for their you’re not going college because you’d assigned financial institutions. rather travel the world. • You want to convince a great soccer This will deepen their understanding of the player to join your team even though financial institutions, and force them to look you have a losing record. even more critically at their unique structures • Create their own situation. and role within society. Divide the class into groups of approx. 2. five. Each group will be acting as an expert Materials marketing team and will be given the task of creating a great marketing campaign for Students will need their copy of page 9 either a bank or a credit union. 1. (The Difference between Credit Unions and Banks), or alternatively, page 9 could be Assign either a bank or credit union to each projected for the class. 3. group (divide as evenly as possible).

At least one copy per group of the Campaign Give each group approx. 45 minutes to 2. Brainstorm Page (page 15). 4. follow page 15 and create their own ad campaign. Chart paper and markers for each group. 3. When ready, each group can then present 5. its campaign to the rest of the class. After all have presented, a debrief discussion can be lead. 14 All 4 Each Worksheet Lesson3 Franz Hermann Schulze-Delitzsch organized the world’s first ad campaign brainstormcredit union in 1850. Type of financial institution (check one): 1. n Credit Union n Bank Are there any specific 6. phrases/words that you Create the name of the financial institution will use and/or repeat? 2. (or choose an existing one). Are there any you will avoid using?

What, in the public’s eye, are some of the 3. perceived challenges your bank/CU faces? What are the negatives you’ll have to spin?

Are there any images/symbols that would 7. be effective? Is there a spokesperson who would be good to use? What are some of your CU/bank’s 4. advantages that you could promote or capitalize on in your campaign? Official credit union logo, used worldwide

What media/outlets will you focus on (i.e., 8. newspapers, TV commercials, billboards, What angle will you take? What emotion/ social media, others)? Why? 5. mood? Why?

CREDIT UNIONS EXPLAINED 15 credit uNions explained Each ontario curriculum links

These lessons have been Grade Course Title Type Code Curriculum Expectations Met designed to fulfill specific learning expectations as 9 & 10 Introduction Open BBI1O, BBI2O • Identify the major financial institutions outlined in the Ontario to Business in Canada (i.e., Schedule I and II Secondary Business Studies banks, trust companies, credit unions, insurance companies). Curriculum. For your convenience, in the chart • Explain controversial business issues below we’ve indicated which from a local, national, and international perspective (e.g., accounting scandals, expectations are covered in this environmental impact of some booklet. The following sentences business practices, insider trading, have been taken directly from fraud). the curriculum guide. • Explain why a person or group of people would choose to establish one type of Crtical Areas of Learning business rather than another. • Demonstrate an understanding of Financial literacy: The ethics and social responsibility in ability to read, analyse, manage, business. and communicate financial information for personal and 12 Business University BOH4M • Evaluate the impact of issues related to professional purposes. (Money Leadership: / College ethics and social responsibility on the Management Preparation management of organizations. management, financial decision Fundamentals making). • Assess the ways in which organizational structures have changed to adapt to the Ethical, moral, and legal changing nature of work. considerations in business: Accounting The understanding and/or determination of social and 11 Fundamentals of Workplace BAI3E • Identify the sources of funds Accounting for available to finance a service business environmental consequences Business (e.g., family, investors, banks, of business practices on the government). local, national, and global levels. • Identify the different types of (principles and guidelines for business ownership, as well as their ethical business practice, social advantages and disadvantages responsibility, accountability) (e.g., sole proprietorship, partnership, corporation, cooperative). Business skills: Knowledge Entrepreneurship and skills necessary for 11 Entrepreneurship: University BDI3C • Compare the various forms of business success in business. (problem The Venture / College ownership (e.g., sole proprietorship, solving, critical and creative Prep partnership, corporation, cooperative, thinking, financial planning, franchise) and determine which form is entrepreneurial skills, best suited to their proposed venture. literacy skills, organizational • Outline the importance of productivity, risk management, incorporating ethical practices and teamwork, business etiquette, social responsibility when operating a business venture. research and inquiry. credit uNions explained Each resources

WebSites Videos

Credit Unions of Ontario What is a Credit Union? Clip cooperativebanking.ca s.coop/whatisacreditunion creditunionsofontario.com The Difference between Credit Union and Banks Ontario Co-operative Association Part 1 ontario.coop s.coop/zux0 Part 2 Student & Youth Co-operatives in Canada: s.coop/1ud0f s.coop/youthcoops Part 3 s.coop/differencebankscreditunionpart3 The Move Your Money Project moveyourmoneyproject.org Credit Unions of Ontario s.coop/creditunionsofontario Co-operatives and Mutuals Canada canada.coop Banks vs. Credit Unions – International Co-operative Alliance Bankerspank ica.coop I Love You s.coop/bankerspankiloveyou World Council of Credit Unions Money to Blow woccu.org s.coop/bankerspankmoneytoblow Under the Table Central 1 Credit Union s.coop/bankerspankunderthetable www.central1.com

Zippitydodog: Financial Information for Students zippitydodog.com

Inspiring Co-operative Stories stories.coop E

Access FRE presentations and resources for your class on Credit Unions/ Co-operatives 101 • or visit • Budgeting Financial Literacy • [email protected] for more information • Email s.coop/classroom

n…is the.” expression Alphonse Desjardins in the field of economics A credit unio “of a high social ideal Franz Hermann <— Schulze-Delitzsch organized the world’s first credit union in 1850.

<— Alphonse Desjardins founded the first credit union in North America in 1900.