World Council Helps Russian CU Leaders Prepare for Future Regulation
At the Russian Credit Union Forum (l-r): Klavdia Volokho, RCUL public relations specialist; Gene Brody, Bay Ridge FCU CEO; Vadim Kalinichev, RCUL general director; Dave Richardson, WOCCU; Natalia Vydrina, RCUL administrative assistant; Peteris Zeltins, WOCCU; Alexander Solomkin, RCUL deputy CEO.
Madison, WI—World Council of Credit Unions
representatives trained 150 Russian credit union
executives and government officials on effective
regulation and strategies to increase outreach
at the Russian Credit Union Forum in Siberia
Discussion of amending the current credit
law to include prudential standards for
regulation and removing the limit on credit
union membership (currently at just 2,000
members) was at the forefront. During the forum,
World Council staff and a US league volunteer
trained attendees on the PEARLS financial
monitoring system and marketing strategies in
order to prepare credit union leaders for future
changes in the law.
"The PEARLS model provides a foundation for
credit union leaders to discuss the standards
that will be used to regulate Russian credit
unions," explained Dave Richardson, senior
manager of technical services and key architect
of PEARLS. "It's one of the instruments they're
using to discuss standards applicable to the
Since the Russian Credit Union League (RCUL)
became a World Council Member in 2005, it has
worked to institute PEARLS in its member credit
unions. PEARLS is the first system-wide software
to be used among RCUL members, and the training
at the forum was the first of its kind in
Russia. World Council added the Russian language
to PEARLS in 2005.
Richardson presented the theory and
of the PEARLS ratios and business planning tool,
and Peteris Zeltins, World Council MIS officer
and PEARLS developer, trained attendees on use
of the software during the meeting. Fluent in
Russian accounting, Zeltins spent a few days in
Moscow before the forum to do more intensive
training with RCUL staff.
In his second trip to Russia with World
Gene Brody, president and CEO of Bay Ridge
Federal Credit Union, shared credit union
marketing strategies using examples from his New
York-based credit union. Brody was a unique
match for the training, given Russian immigrants
helped establish Bay Ridge FCU in 1934.
RCUL held its annual general meeting
the forum's two days of business development
Furthering the RCUL-World Council training
initiative, World Council's John Kalfayan,
senior manager of technical services, and World
Council volunteer, Anne Cochran, president and
CEO of the Louisiana Credit Union League, will
arrive in Moscow mid-March to further develop
the Russian credit union training program. World
Council, RCUL and Poland's National Association
of Co-operative Savings and Credit Unions will
also co-host the first regional credit union
congress for Eastern European countries in
Moscow, Russia, September 10-14.
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.