BRISBANE, Australia — Continued flash flooding, including what has been described as an "an inland tsunami" bearing down on Brisbane, has saturated Queensland, Australia. After three weeks of rain, communities are underwater, homes have been destroyed and the personal toll stands at 78 missing and 30 presumed dead.Massive service disruptions have hit Queensland's mutuals, including credit unions and building societies, which are dealing with operational challenges as well as attempting to help members cope with what authorities have described as the worst floods in Australia's history. Heritage Building Society, based in Toowoomba, has closed multiple branches and enacted hardship provisions for its members, including postponing loan payments and adjusting credit contract terms, according to Bill Armagnacq, the assistant CEO.
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World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
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