Indian CU Delegation Visits North America, Discusses World Council Membership
World Council CEO Pete Crear and senior manager Dave Grace with NAFCUB president, chief executive and board members.
Madison, WI—One hundred years after
Filene's quest to India in search of financial
cooperative systems he could adapt in the US,
representatives from India's National Federation
of Urban Co-operative Banks & Credit Societies,
Ltd. (NAFCUB) returned the visit. From November
4-17, 30 NAFCUB delegates visited the United
States and Canada to expand their knowledge of
the credit union system and explore the
possibility of becoming a World Council member.
Throughout the trip, the group amassed
firsthand knowledge of corporate credit union
structure and deposit insurance systems, issues
at the forefront of India's urban cooperative
bank movement. The delegation visited World
Council and CUNA Mutual Group headquarters,
Credit Union Central of Canada (CUCC), National
Credit Union Administration (NCUA) in Arlington,
Virginia, Wescom Credit Union in California,
Community Bank of Nevada, the National
Federation of Community Development Credit
Unions and Lower Eastside Peoples' Federal
Credit Union in New York.
(l-r) NAFCUB president B. Vijaya Kumar and chief executive D. Krishna discuss deposit insurance and retirement accounts with NCUA board member Gigi Hyland
NAFCUB representatives also visited $25
WesCorp Federal Credit Union in San Dimas,
California—the largest of its kind in the
US—to learn more about its structure.
World Council is currently assisting NAFCUB to
allow for the establishment of corporate credit
unions in India.
In snowy Wisconsin, the group visited the
Council headquarters in Madison. There they had
the opportunity to hear from World Council CEO
Pete Crear, COO Brian Branch and senior manager
Dave Grace, as well as CUNA vice president Mike
Schenk and CUNA Mutual directors, Paul Treinen
and Mike Celichowski. D. Krishna, chief
executive of NAFCUB, also shared the urban
cooperative bank background and system in
Farther north, the NAFCUB group met with CUCC
Toronto to learn more about the Canadian credit
Urban cooperative banks in India are
exploring deposit insurance systems and
supervisory norms, so NAFCUB met with NCUA to
learn more about financing norms and
"With a cooperative financial system over a
hundred years old and still growing, India's
cooperative banks bring a wealth of knowledge to
the table," Crear said. "We're excited at the
prospect of collaborating more and welcoming
NAFCUB as a World Council member."
India's 1,870 urban cooperative banks serve
million members and more than 200 million
clients today, comprising what World Council
believes to be the largest financial cooperative
system in the world. In addition to providing
technical support World Council is also working
with NAFCUB to help urban cooperative banks
reclaim their tax exempt status, which was
overturned earlier this year.
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.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 105 countries serve 217 million people. Learn more about World Council's impact around the world at www.woccu.org.