Commitment to Cooperative Development 

This week the League had a unique opportunity to host a cohort of 17 Brazilian representatives from Cresol – one of the 3 largest financial cooperative systems in Brazil. Joined by Northeast Family FCU and Members CU, the visitors from Cresol participated in a guided tour of the Willimantic Food Co-Op and a branch of Northeast Family FCU.

The Cresol financial cooperative system is present in 19 states in all 5 regions of Brazil, totaling 871 branches. Founded in 1995, Cresol operates as the cooperative alternative to banks. They are member-owned, and their strategic priorities and financial resources are all steered toward the development and to the benefit of their local communities.

We began our day at the Willimantic Food Co-Op where together we got an inside look at their operations, and got an illuminating perspective on how the food co-op works together with local suppliers and other co-ops working toward the mission of their community’s wellbeing through food.

The next stop was a visit to a credit union branch of Northeast Family FCU. Here the Cresol group learned about the connection credit unions have to their community and the cooperative principles. There was also a vigorous discussion diving into credit union operations and business model, regulatory environment, and market differentiators and challenges.

In return, the League, Northeast Family FCU, and Members CU gained insights into Cresol operations and community-focused purpose. We are all striving toward the same goal of financial wellbeing and the betterment of the communities we serve.

“Northeast Family and I were thrilled to participate in this cooperative learning day alongside the League, Members CU, Willimantic Food Co-op, and Cresol representatives. Sharing experiences and best practices with fellow cooperative institutions like Cresol is invaluable.  We learned a great deal about their community-focused approach in Brazil, and we were proud to showcase our own credit union's commitment to financial well-being for our members in Connecticut. This exchange reinforces the power of the cooperative model on a global scale, where collaboration strengthens our ability to serve our local communities," said Joanne Todd, President/CEO, Northeast Family FCU.

Cresol’s journey continues at the WOCCU Gala later this week in Boston, MA! Thank you to our friends from Cresol for an engaging and enlightening day!

A special thanks to Joanne Todd and Rob Delgado at Northeast Family FCU, and Kathy Chartier at Members CU for being part of making this a successful event.