On International Credit Union Day, credits unions are lookingforward to prosperous years ahead, but they are also reflecting onthe cooperative principles that built the industry over the last168 years.

So what can the credit union industry look forward to?

According to a new report from IBISWorld, an industry researchfirm in Los Angeles, U.S. credit union industry profitabilityis expected to increase and revenue is set to continue on asteady, upward trajectory of 3.1% annually on average to $54.2billion in the next five years, even though the number ofcredit unions in the nation will decline.

While future growth is expected, the industry landscape will bedifferent than it was during the past five years as profitabilityimproves and consolidation changes the structure of the industryand its participants. The number of credit unions in the UnitedStates is forecast to fall at an average annual rate of 1.6% to6,599 by 2017.

The credit union movement, however, would not have flourishedwithout its seven cooperative principles that are highlighted in anew white paper released by CUES in Madison, Wis., that organization said Thursday in itsInternational Credit Union Day release.

“The seven values summarized in the white paper go back to 1844,when The Rochdale Principles first outlined fundamental concepts ofcooperatives and the value of equality, equity and mutualself-help,” said Fred Johnson, CUES' president/CEO.

The 30-page report discusses each principle individually andexplores credit unions from around the globe, which have put thebeliefs into practice. The downloadis available free to CUES members and non-members alike.

Meanwhile, to observe one of the cooperative principles of“Concern for Community,” the $3.9 billion Pennsylvania State Employees Credit Union in Harrisburgcontinued its local longstanding tradition to observe InternationalCredit Union Day.

PSECU traditionally sends a handful of employees out into thecommunity to volunteer their time at local nonprofits. Thisyear, PSECU wanted to expand that. So instead of sendingemployees out into the community, the credit union brought thecommunity to its employees.

PSECU had onsite activities and volunteer opportunities foremployees that benefitted three local nonprofit organizations, thecredit union said.

Also Thursday, Iowa Gov. Terry Branstad declared Thursday to be“Credit Union Day” as credit union supporters gathered at the statecapitol in Des Moines.

“In an era that continuously poses economic and financialchallenges for people around the world, this day honors creditunions' principle of putting people before profits,” said PatrickJury, president/CEO of the Iowa Credit Union League.

Minnesota's governor issued a similar proclamation thisweek.

The third Thursday in February has been observed asInternational Credit Union Day since 1948. The United Nations alsohas designated 2012 as the International Year of Cooperatives.