MEXICO CITY, Mexico-The failure of a credit union that had 98% of its loans out to one company here has led to losses for more than 6,000 members.
CU News From Around the Planet
MADISON, Wis.—The World Council of Credit Unions has sent a comment letter to the Basel Committee regarding its “Corporate Governance Principles for Banks,” indicating it supports the guidance in most respects but that it remains “concerned” are that some elements of the proposal could be read by supervisors as requiring unreasonably burdensome compliance requirements on smaller credit unions with limited staff resources.
LONDON--Seventeen credit unions have been awarded a total of £1m in grants from Lloyds Banking Group through its Credit Union Development Fund. Nearly 100 credit unons from across the U.K. had applied for funding during 2014, before the final group was selected.
MONROVIA, Liberia—In the wake of the Ebola crisis in this country, regulators have taken a number of steps that seek to revitalize the rural economy. The Central Bank of Liberia, working with the Rural Community Finance Institutions (RCFIs), the Liberia Credit Union National Association, and the National Apex of the Village Savings and Loan Associations (VSLAs) to broaden access to finance for rural Liberia.
BLANCHARDSTOWN, Ireland—A credit union member here is accused of stealing more than €940,000 in cash from a credit union over 10-year period before being discovered.
LONDON—This U.K.’s financial regulator has formally approved the Church of England to form a credit union.
DUBLIN, Ohio—This country’s Credit Union Restructuring Board, which is charged with propping up and reforming Ireland’s credit unions, has so far drawn down just €3.5 million, or less than 1.5%, of a €250 million fund set up by a the government for recapitalization.
MADISON, Wis. — The World Council of Credit Unions reported it is now waiting on the “go-ahead” from officials in Liberia, where Ebola continues to cause a crisis, before resuming its project in the country.
DES MOINES, Iowa-- Patrick S. Jury, President and CEO of Iowa Credit Union League, has been elected to serve as the Executive Committee Treasurer for the World Council of Credit Unions.
WARSAW, Poland—This country’s financial regulator, known by the abbreviation KNF, is seeking court approval to liquidate a large credit union here, SKOK Wolomin. Poland’s credit unions are known as SKOKs