Coronavirus (COVID-19) Updates

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From Credit Unions, For Credit Unions

World Council created this page as a resource for the latest coronavirus (COVID-19) news, information and recommendations specifically relevant to credit unions across the globe. All of the content is provided by World Council, its members, or their affiliated credit unions and financial cooperatives. To share information from your organization on this page, please email us at communications@woccu.org.

2020-06-02

Canadian Credit Union Gives $25 to Each Employee to Support Local Businesses Hit Hard by Pandemic

The following post was provided by the Canadian Credit Union Association (CCUA), World Council's direct member organization in Canada, and was written by Libro Credit Union, which serves members at 41 locations across southwestern Ontario.

Libro Credit Union is calling on the people of southwestern Ontario to show their support for local businesses with the launch of the Loyal 2 Local Challenge.

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2020-06-01

Webinars Reaching More Employees at Credit Union Branches in Ukraine

Across the world, the COVID-19 pandemic has caused nearly all credit union training to be conducted virtually—through webinars or other online platforms.

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2020-05-29

How Implementing a Modern Call Center Helped a Polish Credit Union Better Serve Members During the Pandemic

The following post was provided by the National Association of Savings and Credit Co-operatives (NACSCU), World Council's direct member association in Poland. It was written by Lukasz Nowak of Centrum Credit Union.

The COVID-19 pandemic that began impacting Poland in March 2020 affected all financial services markets and, in particular, Polish credit unions.

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2020-05-28

Hawaiian Credit Union Receives Grant Money to Deploy Emergency Funding

This post is provided by the Hawaii Credit Union League, representing credit unions and their members in the U.S. State of Hawaii

Hawai'i First Federal Credit Union has partnered with Hawai’i Community Foundation to provide up to $1,000 in emergency funds to Hawai’i island households impacted by COVID-19.

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2020-05-27

CrossState Teams with Credit Unions to Provide Gowns to Hospital Workers

The following post was provided by CrossState Credit Union Association, which represents member credit unions in the U.S. states of Pennsylvania and New Jersey.

CrossState Credit Union Association, in conjunction with a group of credit unions, pooled resources to purchase one thousand hospital gowns to be donated to local hospital and health care workers.

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2020-05-26

Revisit Your Strategic Plan

The following post is provided by Credit Union National Association (CUNA), World Council's direct member organization in the United States.

When the coronavirus (COVID-19) pandemic hit, unemployment skyrocketed, the economy suffered, and the strategic plans credit unions put in place at the beginning of the year are no longer relevant.

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2020-05-22

Wolverhampton City Credit Union Provides Essential Financial Services During Pandemic

The following post was provided by the Association of British Credit Unions Limited (ABCUL), World Council's direct member organization in the United Kingdom.

Credit unions are proving themselves to be an essential frontline service for struggling local communities in the COVID-19 pandemic, according to Rob Shearing, CEO of Wolverhampton City Credit Union.

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2020-05-21

PSCU Donates Nearly 4,000 Meals to First Responders

The following post is provided by PSCU, a credit union services organization (CUSO) and World Council associate member that now supports the success of more than 1,500 credit unions, representing more than 3.8 billion transactions annually.

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2020-05-21

Credit Union Awards $20,000 COVID-19 Relief Grant to Local Community Groups

The following post was provided by United Credit Union, a 19,000 member credit union based in Chicago, Illinois, United States.

During these unprecedented times, the credit union philosophy and commitment to “People Helping People” is now more important than ever.

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2020-05-20

Credit Union COVID-19 Advocacy Guide Released

In order to assist credit unions worldwide with advocacy with their national level regulators, World Council of Credit Unions is pleased to make available its Advocacy Insights: Advancing the Credit Union Cause During a Global Pandemic

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2020-05-19

Director of Moody’s Analytics Gives Eye-Opening Presentation on Pandemic’s Impact on Credit Unions

Sohini Chowdhury, Ph. D., director and senior economist at Moody’s Analytics, had a sobering message for credit union professionals during a May 19 World Council webinar: we are indeed in a global recession.

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2020-05-19

Worldwide Foundation Grant to Fund PPE for Ukrainian Credit Union Staff

Teams from two World Council of Credit Unions’ programs are working together to keep frontline Ukrainian credit union workers safe during the COVID-19 pandemic.

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2020-05-18

FSI: Financial Criminals are Exploiting COVID-19 Lockdown

The Financial Stability Institute of the Bank for International Settlements issued FSI Brief No. 7 that focuses on Financial Crimes in times of COVID-19 and the corresponding issues of AML and cyber resilience measures. The key findings of the brief are as follows:  

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2020-05-18

Moody's Analytics' Director to Address Global Economic Impacts of COVID-19 on World Council Webinar

Sohini Chowdhury, Ph.D., director and senior economist at Moody's Analytics, will be the featured speaker during a May 19 World Council of Credit Unions' webinar: Global Economic Impact of COVID-19 on Credit Unions and Related Accounting Issues.

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2020-05-15

WOCCU Advocacy Releases Credit Union COVID-19 Regulatory Guide

WOCCU released it’s COVID-19 Guide for Credit Unions focused on bringing together responses by the international standard setting bodies, prudential authorities and other operational recommendations focused solely on the credit union industry. 

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2020-05-15

Virginia Credit Unions Donate $91,000 to Food Banks

The following post was provided by the Virginia Credit Union League (VACUL) and the Credit Unions Care Foundation of Virginia. 

The U.S. State of Virginia’s member-owned, not-for-profit credit unions have donated $91,000 to seven food banks serving the Commonwealth.

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2020-05-14

GWLN Launches Virtual Sister Society Meetings to Rally Movement During the Pandemic

Concerns ranging from starvation and domestic violence to moms' working from home while trying to school their children were addressed during the first virtual Global Women’s Leadership Network (GWLN) Sister Society Meeting hosted on May 12 by Ser Technology for the six Sister Societies in California and Nevada.

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2020-05-14

Six Ways To Protect Member Data In A Remote Workplace (That Don’t Require IT Support)

The following post was provided by Credit Union Executives Society (CUES), a World Council associate member, and written by Brian Bodell, VP/product management for CUESolutions Platinum provider AdvantEdge Analytics, Madison, Wisconsin.

As more credit unions serve members from new locations, safeguarding privacy is paramount.

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2020-05-13

Credit Union Delivers 1,000 Homemade Masks to Children's Hospital

The following post was provided by the Cornerstone Credit Union League (CCUL), which represents 550 member credit unions in the U.S. states of Arkansas, Oklahoma and Texas.

Tinker Federal Credit Union (TFCU), the largest credit union in Oklahoma, recently delivered 1,000 handmade masks to The Children’s Hospital at OU Medicine in Oklahoma City.

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2020-05-13

U.S. Central Liquidity Facility Membership Expanded Due to COVID-19

The following post is provided by Credit Union National Association (CUNA), World Council's direct member organization in the United States.

The National Credit Union Administration (NCUA), an independent U.S. federal agency that charters and regulates federal credit unions, issued a Letter to Credit Unions (20-CU-14) providing information on the establishment of Central Liquidity Facility (CLF) agent memberships and encouraging credit unions which are not direct, regular CLF members, or already covered by an agent member, to consider the benefits of joining the CLF.

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2020-05-12

Webinar: Operational Resources and Supports for Caribbean Credit Unions

The Caribbean Confederation of Credit Unions (CCCU) outlined a number of steps it has taken to provide credit unions in the 17 nations it represents with resources and supports during the second of its "Credit Unions and COVID-19" Webinar series. 

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2020-05-12

Australia: Fast-tracking Debit Cards to Help Vulnerable Customers Dependent on Cash

The following post is provided by Customer Owned Banking Association (COBA), World Council's direct member organization in Australia, which represents the country's customer owned banking providers.  

Customer owned banking institutions welcome the Australian Securities and Investments Commission's (ASIC) approval of regulatory relief to fast track the issuance of debit cards to customers who use passbooks and branch visits to do their banking. These customers face particular impacts from the COVID-19 crisis.

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2020-05-11

Webinar: Philippine Credit Union Regulator Shares COVID-19 Response

Content for this post was provided by the Association of Asian Confederation of Credit Unions (ACCU), a World Council associate member. 

The Cooperative Development Authority (CDA), the Philippines' regulator for cooperatives, encouraged credit unions to help their members and communities by using its Community Development Fund during a recent webinar hosted by the ACCU, World Council, the Philippine Federation of Credit Cooperatives (PFCCO) and National Confederation of Cooperatives (NATCCO).

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2020-05-08

FATF, European Commission Release AML/CFT Information Related to COVID-19

The Financial Action Task Force (FATF) issued a paper identifying challenges, best practices, and policy responses to the unprecedented global challenges emerging as a result of the COVID-19 pandemic. Increased COVID-19 related crimes, including fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance are all creating new avenues of illicit crimes. 

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2020-05-08

COVID-19 Crisis:​ Exposing The Gap to Help Latino Micro and Small Businesses Survive and Reach Their Potential

Content for this post is provided by Inclusiv, a certified Community Development Financial Institution (CDFI) intermediary and national network representing 300 CDFI credit unions that assists community development credit unions (CDCUs) in the United States. 

Inclusiv invites you to join our new Juntos Avanzamos webinar series, Reaching Hispanic Small Businesses in the COVID-19 Environment, on Thursday, May 21 and 28, 2020 at 2:30PM ET

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2020-05-07

Should Your Credit Union Have a Mask Requirement?

This post was provided to World Council by the Carolinas Credit Union League, a regional league serving member credit unions in North Carolina and South Carolina, United States.

The Carolinas Credit Union League Risk Management and Resources Department has received numerous inquiries about whether or not credit unions should require members and staff to wear a mask while they are in the credit union. The paramount concern for management is the health and safety of staff and members.

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2020-05-07

Digital Solutions for Credit Unions Seeking to Overcome the Pandemic

The following post is provided by Finacus Solutions Pvt Ltd., a credit union service organization (CUSO) based in Mumbai, India that specializes in providing digital solutions for credit unions. Finacus is and a World Council associate member.

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2020-05-06

Webinar: Caribbean Credit Unions Discuss "Seismic Disruption" Caused by Pandemic

In a region where credit unions have a 65% penetration rate, much of Caribbean society is now turning to those institutions for support during the COVID-19 pandemic. 

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2020-05-05

Virtual Encounter: Liquidity Management Solutions for Latin American Credit Unions

Executives from more than a dozen World Council member organizations in Spanish-speaking Latin America explored strategies to help credit unions manage COVID-19 related liquidity concerns during a May 5 virtual encounter.

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2020-05-05

Support for ‘healthcare heroes,’ others continues

The content for this post comes from Credit Union National Association (CUNA), World Council's direct member association in the United States. 

U.S. credit unions continue to provide much-needed charitable assistance for their communities during the coronavirus (COVID-19) pandemic.

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