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.

2020-08-04

WOCCU Establishes New COVID-19 Response Committee

World Council of Credit Unions has established a new committee dedicated to identifying best practices and strategies that credit unions around the globe can utilize in their response to the COVID-19 pandemic.

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2020-08-03

Australia's Customer Owned Banks Lead in Satisfaction and Trust During Pandemic

The following post is provided by the Customer Owned Banking Association (COBA), World Council's direct member organization in Australia.

Customer owned banking institutions have continued to deliver the highest levels of customer satisfaction for Australia's banking sector during the COVID-19 pandemic.

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2020-07-31

Cooperatives in Kenya Launch Initiative Targeting 500,000 Vulnerable Households

This post is provided by Kenya Union of Savings and Credit Co-operatives Ltd. (KUSCCO), World Council's direct member organization in Kenya.

The co-operative movement in Kenya launched an initiative to respond to the COVID-19 pandemic through the provision of relief to vulnerable families whose income has been disrupted, and to support the reconstruction of the sector.

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2020-07-30

Canadian Credit Union Supporting Women Entrepreneurs Impacted by COVID-19

The following post is provided by Vancity, a values-based financial co-operative based in Vancouver, Canada. 

In partnership with Women’s Enterprise Centre, Vancity has launched the Unity Women Entrepreneurs Program to support women entrepreneurs impacted by COVID-19.

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2020-07-29

U.S. Mint Urges Americans to Spend, Deposit or Exchange Coins

This article is provided by Credit Union National Association (CUNA), World Council's direct member in the United States.

The COVID-19 pandemic has led to the disruption of supply channels of circulating coinage, the U.S. Mint said in a recent statement. The agency urges consumers to pay for things with exact change and return spare share into circulation.

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2020-07-28

Maintaining and Enhancing Services: How a UK Credit Union Remained Open Through the Lockdown

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

From the outset the pandemic, there was a willingness among the Board of Directors and staff of LASER Credit Union, based in Rotherham, that they should stay open in order to serve its most vulnerable members.

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2020-07-27

Brian Branch Predicts Credit Union Resurgence After Pandemic in Podcast Interview

If there is one thing World Council President and CEO Brian Branch doesn't take for granted during the COVID-19 pandemic, it is having the privilege to work from home.

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2020-07-23

WOCCU Project Establishing Remote Credit Union Points of Service in Haiti

Within a few months, more than a dozen businesses across Haiti will be equipped and ready to help people make transactions through their credit union accounts—something that is desperately needed as the COVID-19 pandemic continues to present a health risk for people who have to travel great lengths or brave crowded conditions at branch locations.

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2020-07-22

Three Questions Every Credit Union Must Ask During 2020 Planning Season

This post is provided by CUNA Mutual Group, a leading insurance, financial services and technology company, and World Council Associate Member.

In anticipation of strategic planning season, credit union leaders are contemplating how this year’s planning efforts can adequately address the unprecedented and wide-ranging needs of today’s members.

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2020-07-20

Asian Credit Unions to Pilot BDS Initiative

The following post is provided by the Association of Asian Confederation of Credit Unions (ACCU), a World Council associate member. 

Recent online consultation meetings for partner credit unions in Nepal and the Philippines concluded that business development services (BDS) are essential for members to bounce back from the impact of COVID-19. 

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2020-07-17

17 Credit Unions Jointly Raise US $220,000, Donate 30,000 PPE Gowns to Healthcare Professionals

This content is provided by American Heritage Credit Union, a US $3 billion, member-owned financial cooperative serving more than 800 Workplace Partners and more than 200,000 members in the greater Philadelphia (USA) area.

Seventeen regional credit unions and credit union partners have jointly raised more than $220,000 to collectively purchase and donate 30,000 Personal Protective Equipment (“PPE”) medical gowns to healthcare facilities throughout Pennsylvania, New Jersey and Delaware.

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2020-07-16

African Regulators Discuss Relief Efforts, Signs of Future Concern on ACCOSCA/WOCCU Webinar

Regulators from across the African continent reported employing similar relief efforts to mitigate the impacts of COVID-19 on Savings and Credit Cooperative Societies (SACCOs), while expressing concerns about the future on a July 15 webinar hosted by World Council of Credit Unions and one of its associate members—the African Confederation of Cooperative Savings and Credit Association (ACCOSCA)

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2020-07-14

Irish League Calls on Government to put Credit Unions' €18 Billion to Work to Help Communities Recover from COVID-19

The following post is provided by the Irish League of Credit Unions, World Council's direct member organization in Ireland.

The Irish League of Credit Unions (ILCU), which represents 226 credit unions across the Republic of Ireland, has called on the new Government to honour commitments made in the Programme for Government to allow credit unions become the key provider of community banking services across Ireland.

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2020-07-13

Asian Credit Union Members, Employees Face Similar Challenges from Pandemic

More than half of Asian credit union members and employees cited health risks and a lack of emergency savings as "very relevant" challenges they are facing due to the COVID-19 pandemic, according to the results of a June survey conducted by the Association of Asian Confederation of Credit Unions (ACCU)—an associate member of World Council.

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2020-07-13

WOCCU Praises EU COVID-19 Relief Measures

The European Union (EU) adopted temporary banking rules in order to maximize the capacity of banks to lend money, and support households and businesses to recover from the COVID-19 crisis.

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2020-07-09

What to Consider When Preparing for Your Virtual AGM

Due to the continuing COVID-19 pandemic, World Council of Credit Unions has developed a document to assist you in your virtual Annual General Meeting (AGM) planning process. By addressing several questions and considerations, you can develop a strategic meeting plan which identifies the core technical needs for your meeting.

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2020-07-08

NCUA Chair Rodney Hood Cites World Council Project in Africa as Example of the Industry Expanding Financial Inclusion

The chair of the national agency that regulates United States' credit unions cited the work World Council is doing to expand financial inclusion in Africa during a July 8 webinar presentation to the Institute of International Bankers (IIB).

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2020-07-07

Pandemic Heightens Awareness of Why "Everyone Deserves Digital"

Expanding digitization across the global credit union system has long been a goal of World Council of Credit Unions—and the COVID-19 pandemic has shined an even brighter spotlight on the need for it, according to Worldwide Foundation for Credit Unions' Executive Director Mike Reuter.

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2020-07-06

Women Are Engaged and Part of the Solution During Pandemic

Representatives from two World Council Associate Member organizations joined our Global Women's Leadership Network (GWLN) for a July 3 webinar on the ways credit union women across the globe have responded to challenges presented by COVID-19.

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2020-07-01

Pandemic Pushes Ukraine’s Credit Unions to Start Providing Remote Payment Services

The COVID-19 pandemic has pushed credit unions in Ukraine to finally start implementing digital services for members—something they have been putting off for years.

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2020-06-30

Brian Branch: Three Waves of COVID-19 Crisis Are Playing Out in Front of Us

When the World Health Organization (WHO) declared the coronavirus (COVID-19) a pandemic on March 11, World Council of Credit Unions’ President and CEO Brian Branch soon predicted the imminent health crisis would be followed by an economic crisis and then, ultimately, a global recession.

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2020-06-29

World Council Board Member Diana Dykstra Among New COVID-19 Task Force Leaders

Credit Union National Association (CUNA), World Council's direct member organization in the United States, has announced WOCCU Board Director Diana Dykstra will serve on its newly formed Credit Union System COVID-19 Restart and Recovery Task Force.

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2020-06-25

Guatemalan Credit Union Puts 10% of Profits Toward Community Supports Amid Pandemic

The General Assembly of Micoope Colua in Solula, Guatemala has committed 10% of its profits to support social projects in local communities impacted by the COVID-19 pandemic.

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2020-06-24

Pandemic Causes Haitian Credit Union Association to Move Training Online

Haiti’s national credit union association is moving training for credit union professionals online due to the COVID-19 pandemic.

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2020-06-23

Michigan Credit Unions Step Up for Local Communities

Content for this post is provided by the Michigan Credit Union League (MCUL), a trade association representing credit unions that serve 5.5 million members in the State of Michigan, United States.

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2020-06-22

Credit Unions and the Coronavirus: Notes on the Impacts and Implications of the COVID-19 Crisis

The following post is provided by the Filene Research Insitute, an American credit union and consumer finance think tank headquartered in Madison, Wisconsin, USA. 

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2020-06-18

A Push to Expand Digital Payments Coverage During the Pandemic in Ecuador

With a vision of innovation through new digital mechanisms that expand payments coverage within Ecuador, RTC COONECTA—a successful credit-union owned shared payments platform—has established an alliance with Visa International to connect with the largest global payments network at a time it has never been more needed to ensure public safety.

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2020-06-17

VIDEO: Voice of America Profiles PPE Donation to Credit Unions in Ukraine

Worldwide Foundation for Credit Unions, the international development and charitable arm of World Council of Credit Unions, provided a Project Storm Break grant in May to World Council’s Credit for Agriculture Producers (CAP) Project for the purchase of personal protective equipment and cleaning supplies to be distributed to staff and members at CAP’s partner credit unions in Ukraine.

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2020-06-16

Caja Popular Mexicana Offers Six-Month Payment Moratorium

The following post was provided by Caja Popular Mexicana, a credit union with 2.8 million members and nearly 500 branch locations in Mexico, and a World Council direct member organization.

Caja Popular Mexicana is offering a support program that allows qualified members to skip payments for up to six months on lines of credit, auto loans, mortgages and more if they were directly or indirectly affected by COVID-19.

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2020-06-15

Guatemalan Credit Union Protects Employees, Provides Needed Supplies to Community

As COVID-19 began threatening the city of Coban in central Guatemala, the team at Cooperativa Coban sat down to map out a plan focused on protecting employee health and wages, while providing the community with needed supplies and protective equipment to get them through the pandemic.

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2020-06-12

4 Member Lifestyle Changes to Leverage During and Post-COVID-19

The following post is provided by Co-op Financial Services, a financial technology organization supporting thousands of credit unions in the United States, and an associate member of World Council.

As daily life under COVID-19 continues to change, credit unions should prepare for long-term changes to member behavior.

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2020-06-11

Coastal Credit Union Foundation COVID-19 Relief Funding Exceeds $1 million

The following post is provided by the Carolinas Credit Union League, a trade association that represents member credit unions in the U.S. states of North Carolina and South Carolina.

The Coastal Credit Union Foundation announced that it will provide an additional $300,000 in grants that will be used to provide community assistance in response to the COVID-19 pandemic.

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2020-06-10

Voice of America Profiles Worldwide Foundation Gift of PPE for Credit Unions in Ukraine

Frontline employees and members of 23 credit unions in Ukraine are now wearing personal protective equipment (PPE) thanks to a grant from our Worldwide Foundation for Credit Unions

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2020-06-09

Association of Asian Confederation of Credit Unions' CEO Explains Members' COVID-19 Response on Regional Webinar

The following post was provided by the Association of Asian Confederation of Credit Unions (ACCU), a World Council affiliate member representing nearly 30 national credit union associations.

On the May 7, ACCU CEO Elenita San Roque was invited to speak at the 2nd Webinar organized by Value-chain Capacity Building Network (VCBN), entitled: "The impact of the COVID-19 Crises on financial aspects of agricultural Value Chain/Market System Development and the role of financial service providers."

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2020-06-08

Financial Stability Institute Brief Outlines Implications of COVID-19 Payment Holidays

The Financial Stability Institute (FSI) of the Bank for International Settlements issued its report on "Payment holidays in the age of COVID: implications for loan valuations, market trust and financial stability." Highlights of the report are as follows: 

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2020-06-04

Singapore Cooperatives Rise Up to Meet COVID-19 Challenge

This post is provided by the Singapore National Co-operative Federation (SNCF), World Council's direct member organization in Singapore.

COVID-19 has brought a health pandemic and impacted the economy. It has also disrupted lives and businesses worldwide. Co-operatives (co-ops) around the world are coming together to protect workers, members, users and the community at-large.

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2020-06-04

Polish Credit Union Puts Member Safety, Convenience First During Pandemic

The following post is provided by the National Association of Cooperative Savings and Credit Unions (NACSCU), World Council’s direct member organization in Poland. It was written by Justyna Leonhardt, Deputy Head of Financial Analysis and Product Development at Zygmunta Chmielewskiego Credit Union.

Recently, we have all faced difficult times due to the COVID-19 pandemic. Over the last few months we’ve had to revisit our goals. The health and safety of our staff and members became the most important objective.

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2020-06-03

Safety first when reopening lobbies

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

As organizations across the United States reopen, credit unions are keeping one thing in mind when deciding when to resume branch operations: Safety.

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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

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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2020-05-21

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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2020-05-20

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

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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2020-05-12

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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2020-05-11

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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2020-05-04

Everyone Deserves Digital

With the COVID-19 crisis further exposing a major disparity between credit unions that offer digital financial services and those that do not, Worldwide Foundation for Credit Unions is looking to accelerate the digital transformation of credit unions worldwide through a new fundraising campaign.

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2020-05-04

Credit Unions Across the World Share Common COVID-19 Challenges

The severity of the COVID-19 pandemic differs from country to country, both in terms of the health and economic impacts. 

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2020-05-01

Carolinas Credit Union Foundation surpasses $100,000 in aid to CU employees

The following post was provided to World Council by the Carolinas Credit Union Foundation.

The Carolinas Credit Union Foundation surpassed $100,000 in COVID-19 Relief Grants to credit union employees in North and South Carolina as of this week, helping more than 100 individual households.

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2020-05-01

5th FSI COVID-19 Brief Issued on Government Guarantee Programs

The Financial Stability Institute (FSI) of the Bank for International Settlements issued its 5th Brief on public guarantees for bank lending in response to the COVID-19 pandemic. Highlights of the brief are as follows:

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2020-04-30

We Are in This Together

“We are in this together” has been the rallying cry the world is using to help give us optimism to make it through the pandemic. And it is great to see the world rallying together to individually take those steps necessary to help stop the spread by social distancing, wearing masks and washing hands.

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2020-04-30

Responding to Demand for Credit Union Digitization in Indonesia

This post written by Fr. Fredy Rante Taruk, Chairman of CU Sauan Sibarrung in Jakarta, Indonesia, and provided by the Association of Asian Confederation of Credit Unions (ACCU), an associate member of World Council.

This year, 2020, only started four months ago, but the disruption in our economy has been very severe due to the COVID-19 outbreak.

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2020-04-30

Canadian Credit Union Donates $100,000 to Food Bank

The following post was provided by Coast Capital Savings in Surrey, British Columbia, Canada. They are a member of the Canadian Credit Union Association, a World Council direct member.

Food Banks BC is thanking Coast Capital Savings for a sizable donation to help the organization address food security concerns in the face of the COVID-19 public health crisis.

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2020-04-30

Update: COVID-19 Regulatory Response

World Council VP of Advocacy Andrew Price has been tracking the regulatory impact of COVID-19 in our member nations across the world. This list was updated on 2020-04-03 to include the United Kingdom and Kenya. 

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2020-04-29

Webinar: African Credit Unions Need to be Proactive on Liquidity Concerns

Officials from national credit union associations across Africa exchanged ideas on how to get their member institutions to prepare for increasing liquidity concerns caused by the COVID-19 crisis during an April 29 webinar presented by World Council of Credit Unions (WOCCU) and the African Confederation of Cooperative Savings and Credit Association (ACCOSCA).

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2020-04-28

BIS Publishes Papers on Post-Crisis International Financial Regulatory Reforms

The Bank for International Settlements (BIS) published working papers entitled “Post-crisis international financial regulatory reforms: a primer," which review post-crisis regulatory reforms. 

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2020-04-27

Fourth FSI COVID-19 Brief Issued with Focus on Insurance

The Financial Stability Institute (FSI) of the Bank for International Settlements issued its 4th Brief on Insurance Regulatory Measures in Response to COVID-19. The highlights of the brief are as follows: 

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2020-04-27

WOCCU CAP Team Trains Ukrainian Credit Unions on COVID-19 Problem Solving

Content for the following post was provided by World Council’s Credit for Agriculture Producers’ (CAP) Project team, a USAID-funded activity.

Credit unions across Ukraine facing a major slowdown in business due to COVID-19 remain active and continue to learn by participating in a series of webinars conducted by World Council’s CAP Project team—focused on helping members get through this crisis.

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2020-04-24

Kenya: SACCOs Considering Borrowing from Banks Need to Know Changing Monetary Policy

Content for the following post was provided by World Council's Technology and Innovation for Financial Inclusion (TIFI) Project team. TIFI is a USAID-funded project.

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2020-04-23

CUNA announces new eSchool to put empathy into action

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

CUNA is starting up a free service for its members called CUNA Putting Empathy into Action During a Pandemic eSchool. In this new eSchool, presented with the National Credit Union Foundation, credit union professionals will learn to nurture meaningful relationships with staff, co-workers and members by exploring what empathy looks like and how to put it into practice.

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2020-04-23

Haitian Credit Unions Buck Global Liquidity Trend During Crisis

The content for this post was provided by World Council’s Haiti Accessible Finance Activity team, a USAID-funded project.

While credit unions in most of the world are struggling with liquidity due to a greater number of members making cash withdrawals to survive the COVID-19 crisis, credit unions in Haiti have been able to keep liquidity levels close to normal throughout the pandemic.

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2020-04-22

Credit Unions in Ecuador Activate the Financial Sector During the COVID-19 Crisis

The coronavirus pandemic has put the financial sector in Ecuador to the test, as it is one of the few services that has not stopped operating even for an instant during the COVID-19 crisis.

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2020-04-21

Asian Credit Union Leaders Discuss Overcoming Obstacles to Serve Members on WOCCU/ACCU Webinar

81% of Asian credit union leaders who participated in a joint World Council of Credit Unions (WOCCU) and Association of Asian Confederation of Credit Unions (ACCU) webinar say their national regulator has taken steps to provide regulatory relief due to the coronavirus (COVID-19) crisis—helping more credit unions serve members and provide needed resources for their local communities.

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2020-04-20

FSI Issues Briefs on COVID-19 Operational Challenges and Expected Loss Accounting

The Financial Stability Institute (FSI) of the Bank for International Settlements issued its second and third briefs on COVID-19, addressing operational challenges and expected loss accounting for financial institutions.

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2020-04-20

How SACCOs Can Proceed with Product and Service Development and Delivery

This post was provided by World Council's Technology and Innovation for Financial Inclusion (TIFI) Project team. 

In the wake of COVID-19 pandemic and its devastating effect on the economy of Africa, Savings and Credit Cooperatives (SACCOs) in Kenya are going to face their greatest challenge in the area of product and service development and delivery.

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2020-04-17

Brian Branch Discusses "Three Waves" Facing Credit Unions in CUBroadcast Interview

World Council of Credit Unions (WOCCU) President and CEO Brian Branch discussed the three waves facing credit unions across the globe due to the COVID-19 pandemic in an interview with Mike Lawson of CUBroadcast.

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2020-04-17

Credit Union Delivers Over 700 "COVID Survival Kits"

Blue Federal Credit Union, a United States' not-for-profit financial institution serving communities in Wyoming and Colorado, provided this post.

Blue Federal Credit Union is making a difference for healthcare professionals and first responders impacted by the COVID-19 pandemic in the communities they serve. Blue FCU delivered over 700 COVID Survival Kits to these professionals throughout Wyoming and Colorado.

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2020-04-17

How Three COVID-19 Payments Trends Can Play to the Strengths of Credit Unions

This post was provided by Co-Op Financial Services, a financial technology organization supporting thousands of credit unions in the United States, and an associate member of World Council.

As Americans hunker down in their homes, changing everything about where and how they spend money, credit unions are entering uncharted territory. 

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2020-04-16

FSB Delivers COVID-19 Regulatory Principles to G20

The Financial Stability Board (FSB) delivered a report setting out the financial stability implications of COVID-19 and policy measures taken to address them to the G20 Finance Ministers and Central Bank Governors. 

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2020-04-15

Best Practices for Managing Delinquency in Uncertain Times

This content is provided by PSCU, a United States-based CUSO specializing in payments. It was written by Wendy Elieff, SVP, Client Service and Marketing, CU Recovery & The Loan Service Center.

Now more than ever, the credit union philosophy of “people helping people” is critical to maintaining member loyalty and trust in their biggest time of need. While the COVID-19 pandemic has left us all experiencing disruption and uncertainty, credit unions are in a unique position to provide members with financial reassurance and support in navigating our new reality.

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2020-04-15

Credit Unions in the Philippines Look to Build on COVID-19 Struggles

Credit unions in each country face their own unique struggles with the coronavirus (COVID-19) pandemic, but they are also overcoming those obstacles to help out their local communities—and financial cooperatives in the Philippines are a great example of that.

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2020-04-14

Brazilian Credit Union Helps Select Startups to Support Agricultural Chain ​​During Pandemic

The following post was provided by Sicredi Vale do Piquiri Abcd PR/SP, one of Sicredi's 110 financial cooperatives. Sicredi is World Council's direct member association in Brazil. This post focuses on a program designed to help farmers face the problems that have arisen as a result of COVID-19, help the production and distribution of food, supply the population and strengthen the Brazilian economy.

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2020-04-13

Irish Credit Union Provides Delivery Service for "Cocooning" Members

The following post was provided by the Irish League of Credit Unions (ILCU), World Council's direct member association in Ireland.

Credit unions around Ireland are doing everything they can to support members during COVID-19, especially those most vulnerable.

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2020-04-13

WOCCU Issues News Release Calling on Regulators to Designate Credit Unions as "Essential"

World Council put out a news release calling on national-level authorities and regulators to ensure that credit unions are properly designated as “essential” during the COVID-19 crisis. Some jurisdictions do not currently include credit unions in the definition of essential, even though this classification has been extended to banks.

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2020-04-10

ABCUL Welcomes Scottish Government Announcement of New Credit Union Resilience Fund

This article was written by the Association of British Credit Unions Limited (ABCUL), World Council's direct member organization in the United Kingdom.

Credit unions across Scotland will now be able to apply to two dedicated Scottish Government funds for support to continue their work in helping vulnerable families as they deal with the financial consequences of coronavirus.

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2020-04-09

How to Create Digital Trust

The COVID-19 pandemic has not only changed the way we’re currently living our lives and interacting with one another—it has also changed how credit unions serve their members. The top priority of credit unions right now is keeping employees, volunteers and members safe, while remaining in a position to serve members during and after this crisis. Maintaining and continuing that service comes down to one thing: trust. The core values of credit unions are at the center of building digital trust as well. 

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2020-04-09

BIS Addresses Public Concern Regarding Viral Transmission Through Cash

The Bank for International Settlements released a bulletin entitled, COVID-19, cash, and the future of payments, which addresses growing public concerns and questions about the possibility of transmitting viruses through cash.

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2020-04-08

African SACCOs Share Regulatory Concerns, Look for Answers During WOCCU/ACCOSCA Webinar

Officials from SACCO and CFI (credit union) associations across Africa shared experiences with managing liquidity and dividend payments, and the need for ongoing regulatory relief during an April 8 webinar organized by World Council of Credit Unions (WOCCU) and the African Confederation of Cooperative Savings and Credit Association (ACCOSCA).

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2020-04-08

COVID-19 analysis details pandemic’s impact on U.S. credit unions

Credit Union National Association (CUNA), World Council's direct member organization in the United States, wrote the following article about how about the COVID-19 pandemic's impact on its member credit unions.

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2020-04-07

Meeting the COVID-19 Challenge on World Health Day

Credit unions have always been there to support the financial health of their members. But amid the coronavirus (COVID-19) pandemic, many are now going above and beyond to protect and support the physical health of their employees, members and communities as well. That's why Worldwide Foundation for Credit Unions is taking the opportunity on World Health Day, celebrated on April 7 each year, to recognize some of the efforts of some of those credit unions.

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2020-04-06

Brian Branch: What is the International Credit Union Movement Facing?

We have endeavored to stay in communication with credit unions around the world over the last month. Technology today allows us faster and more complete information exchange than during previous crises. We are looking at three waves: Coronavirus Health Crisis, Credit Union Institutional Stress and Global Recession. 

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2020-04-06

Basel Committee Issues WOCCU-urged COVID-19 Regulatory Relief

The Basel Committee on Banking Supervision released technical guidance setting out the following additional measures to alleviate the impact of COVID-19 on the global banking system.

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2020-04-03

Ukraine Credit Unions Reopen Amid Joint Advocacy Campaign

Credit unions in Ukraine have reopened following a joint advocacy effort that saw cooperation between World Council’s Credit for Agriculture Producers’ (CAP) Project team, the Ukrainian National Association of Savings and Credit Unions (UNASCU) and All-Ukrainian Association of Credit Unions (AUACU)—which are direct and affiliate members of WOCCU, respectively—as well as the national regulator and other stakeholders.

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2020-04-03

Helping Your Contact Center Succeed in Challenging Times

This content is provided by PSCU, a United States-based CUSO specializing in payments. This is one part of their series offering helpful tips to get credit unions through the COVID-19 pandemic. This piece focuses on how to manage stress within your credit union's contact center during this period of unusually high call volumes.

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2020-04-02

Webinar: African SACCO Strategies for Addressing COVID-19 Impacts

World Council of Credit Unions' Technology and Innovation for Financial Inclusion (TIFI) Project Team and the African Confederation of Cooperative Savings and Credit Association (ACCOSCA) recently presented a webinar to engage saving and credit union leaders across Africa to facilitate a dialogue on how SACCOs (credit unions) are responding to this unprecedented global challenge.

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2020-04-02

GWLN: Embrace Our New Normal

Eleni Giakoumopoulos, Program Director of WOCCU's Global Women's Leadership Network, writes about how credit union women face unique challenges amid the COVID-19 pandemic.

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2020-04-01

CU offers onsite care for employees’ children during COVID-19 pandemic

Credit Union National Association (CUNA), World Council's direct member organization in the United States, wrote the following article about how one of its member credit unions is helping employees with children by providing onsite daycare.

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2020-03-31

WOCCU Webinar: COVID-19 Regulatory Advocacy Issues for Credit Unions

In this webinar, World Council President & CEO Brian Branch and VP of Advocacy Andrew Price address the regulatory advocacy challenges faced by our members and their credit unions in coping with the coronavirus (COVID-19) pandemic, and offer guidance and best practices for dealing with the crisis.

You can view the entire webinar, recorded on March 31, 2020, by clicking here.

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2020-03-30

Ukraine Shutters Credit Unions Amid COVID-19 Pandemic

World Council of Credit Unions’ Credit for Agriculture Producers (CAP) Project team provided the following update on the temporary forced shutdown of all credit unions in Ukraine.

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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

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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2020-03-23

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

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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2020-03-21

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

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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2020-03-18

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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2020-03-17

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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