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.

2020-03-27

Application of IFRS 9 Financial Instruments During COVID-19 Pandemic

The IFRS Foundation published a document entitled “IFRS 9 and COVID-19: Accounting for expected credit losses applying IFRS 9 Financial Instruments in the light of current uncertainty resulting from the COVID-19 pandemic.” It was created to address IFRS 9 application questions during this crisis. The document outlines applicable accounting standards related to expected credit losses (ECL) that may arise during the COVID-19 pandemic.

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2020-03-27

CU Gives Employees $1,000, Donates Masks to Hospital

A U.S. credit union that was well ahead of the curve in preparing for the Coronavirus (COVID-19) Pandemic is now taking unprecedented steps to help its employees and communities get through the crisis.

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2020-03-26

Amid COVID-19 Crisis, U.S. Credit Unions Providing CU Difference for Members

Credit Union National Association (CUNA), United States, is documenting how U.S. credit unions are helping members during the COVID-19 Pandemic.

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2020-03-25

Canadian Credit Union Offers Innovative Solutions for Members During Pandemic

Vancity, Canada’s largest community credit union, has developed some inventive programs to help its 534,886 member-owners and its communities get through the COVID-19 crisis—together.

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2020-03-24

Kenya SACCO (Credit Union) Sector Response to COVID-19

World Council’s Technology and Innovation for Financial Inclusion (TIFI) Project team provided the following report on how the credit union sector in Kenya, where CUs are called Savings and Credit Cooperative Societies (SACCOs), is conducting business during the COVID-19 pandemic.

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2020-03-23

EU Ministers of Finance Enabling Flexibility on COVID-19 Response

The European Union (EU) Ministers of Finance of the Member States of the EU jointly with the EU Commission have taken decisive action to allow appropriate reaction to the effects on the financial sector due to the COVID-19 crisis. 

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2020-03-23

Brian Branch Gives International Credit Union Perspective on COVID-19

While on one hand, it strikes me that social distancing is lonely work, on the other hand, I have also been struck with the sense of community of our international network. 

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2020-03-23

Basel Committee Issues COVID-19 Statement

The Basel Committee on Banking Supervision (Basel Committee) is coordinating policy and supervisory response to the COVID-19 (Coronavirus) crisis and has issued a statement on their efforts.

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2020-03-21

Credit Unions in Africa and Latin America Serve as Trusted Sources during COVID-19 Pandemic

Credit unions around the world serve over 274 million members. Together with their members' households they touch close to one billion lives. Furthermore, in the midst of a crisis such as a natural disaster or the global pandemic the world is currently experiencing, they are a trusted source of information.

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2020-03-19

Credit Union Waives Fees, Increases Limits for Members for 30 Days

Due to the Coronavirus (COVID-19) outbreak, Ukrainian Federal Credit Union (UFCU), which operates in seven U.S. states, is implementing several policy changes in an effort to help its members.

For the next 30 days, it is:

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2020-03-18

Steps to Safety Amid Infection Concerns

Members 1st Credit Union (California USA) shared with members how it is stepping up to ensure their health and safety during the COVID-19 crisis.

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2020-03-18

Health Threats Test Business Continuity Planning

Credit Union National Association (CUNA) News (United States) writes about how credit unions need to check their business continuity plans and make training a lifeline to get through pandemics.

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2020-03-17

WOCCU Recommends Regulatory Flexibility During COVID-19 Pandemic

Credit unions and financial cooperatives around the world stand ready to serve their members and provide needed financial services during the Coronavirus (COVID-19) pandemic. Credit unions have proven many times that they provide much needed stability and essential services during market hardships.

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2020-03-16

WOCCU Statement on Coronavirus (COVID-19)

The collective well-being of our global credit union community is the most important thing to World Council of Credit Unions. During uncertain times, credit unions have always stepped up to respond to the needs of their members and their communities. It has never been more important that we step up to follow those principles now as we all confront the Coronavirus (COVID-19) pandemic.

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2020-03-13

World Moving: A Joint Credit Union Conference COVID-19 Update

Coronavirus precautions are being taken for the World Moving conference, scheduled for July 19-22 in Los Angeles.
Current as of March 13, 2020 from World Council and Credit Union National Association (CUNA - United States)

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2017-03-13

CUNA: Shielding Members From COVID-19 Fraud

Fraudsters are leveraging fears over the coronavirus as an opportunity to scam financial institutions and consumers. Credit unions are taking steps to warn and protect their members.

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