Volume 5, Issue 2 • May 2003

The Source for International Credit Union Information World Council of Credit Unions, Inc. Board of Directors Gerry Foley Joanne DeLaurentiis Chairman; Ireland Delegate; Canada Irish League of Credit Unions (ILCU) Credit Union Central of Canada (CUCC) Robert McVeigh Rose Dorman 1st Vice Chairman; Canada Delegate; Great Britain Credit Union Central of Canada (CUCC) Association of British Credit Unions, Ltd. Gary Plank (ABCUL) Executive Forum 2nd Vice Chairman; USA Michael Fenech A Term in Perspective ...... 1 Credit Union National Association (CUNA) Delegate; Australia Melvin Edwards Credit Union Services Corporation Feature Article Treasurer; Caribbean (Australia) Ltd. (CUSCAL) Imaginative Leadership Caribbean Confederation of Credit Unions Virginio Rafael Gerardo for a Better (CCCU) Delegate; Dominican Republic Dave Chatfield Association of Rural Credit Unions (AIRAC) Tomorrow . . . . 2 – 3, 16 – 17 Secretary; USA Joscelyn Jolly Global Advocacy Credit Union National Association (CUNA) Delegate; Caribbean Grzegorz Bierecki Caribbean Confederation of Credit Unions Helping the World’s People Director; Poland (CCCU) Help Themselves . . . . . 4 – 5 National Association of Cooperative Savings Petro Kozynets & Credit Unions (NACSCU) Delegate; Ukraine People-to-People Marcel Chorel Ukrainian National Association of Savings & Bolivia-Ohio: Learning Director; Canada Credit Unions (UNASCU) Credit Union Central of Canada (CUCC) Luke Leonard from Challenges ...... 6 Síncrito Cifuentes Delegate; Ireland Belize CUs to Director; Guatemala Eccu Assurance Company Ltd. (ECCU) Expand Services ...... 7 National Federation of Credit Unions Jim McMahon Global Trends (FENACOAC) Delegate; Ireland Ron Hance Irish League of Credit Unions (ILCU) Remittances and the Director; USA Lyubov Olovyannikova CU Difference ...... 8– 9 Credit Union National Association (CUNA) Delegate; Russia CUs Snatch Barry Jolette Russian Credit Union League (RCUL) Up .coop ...... 19 Director; USA Charles Yip Credit Union National Association (CUNA) Delegate; Asia Knowledge Sharing Sylvester Kadzola Association of Asian Confederation of Credit Interview with Director; Malawi Unions (ACCU) Forum Keynoter Malawi Union of Savings & Credit Co-oper- Elizabeth Quiste atives, Ltd. (MUSCCO) Delegate; Bolivia Jerry Linenger ...... 10 – 11 Neil W. McDonald The Technical Association of Credit Unions Spotlights on Development Director; New Zealand (ATC) New Zealand Association of Credit Unions Catherine Roberts Rwanda: Rebuilding a (NZACU) Delegate; USA Country and its Rob Nicholls Credit Union National Association (CUNA) CUs ...... 12 – 13,18 Director; Australia Joel Ruhu Credit Union Services Corporation Delegate; Kenya Movement Highlights (Australia) Ltd. (CUSCAL) Kenya Union of Savings and Credit Co-operatives Ltd. (KUSCCO) Member Updates ...... 14 – 15 José Manuel Rabines Director; Peru Jack Smit Supporters Corner National Federation of Credit Unions of Delegate; Canada CMG: Continuing Peru (FENACREP) Credit Union Central of Canada (CUCC) Its Support ...... 20 Arthur Arnold Lon Sprecher President & CEO; Ex-officio to the Board Delegate; USA WOCCU Supporters ...... 21 World Council of Credit Unions, Inc. CUNA Mutual Group (WOCCU) Special Insert Jacinto Villarreal International Credit Union General Assembly Delegate; Panama Forum 2003 Credit Union Guaranty Fund Corporation of Marco Alcerro Panama (COFEP) Brisbane, Australia — Delegate; Latin America Last Chance to Register! Latin American Confederation of Credit Ramón Imperial Zúñiga Unions (COLAC) Delegate; Mexico Caja Popular Mexicana (CPM) Juan Altamirano Credit Union World Delegate; Nicaragua Executive Staff Financial Credit Unions Central of Published by World Council Arthur Arnold of Credit Unions, Inc. Nicaragua (CCACN) President & Chief Executive Officer Publishing and Editorial Staff Paul Armbruster Mary Chapman Delegate; Germany Vice President & Chief Financial Officer Publisher: Kecia L. Doyle International Raiffeisen Union (IRU) Marketing Communications Manager Brian Branch Claude Béland Vice President Editors: Kimberly Johnston Delegate; Canada Lucy Ito Marketing Communications Officer International Cooperative Banking Vice President Association (ICBA) Kristine Hansen Interim Marketing Communications Officer Modesto Segovia Boltes Delegate; Paraguay Designer: Denise E. Knudsvig National Credit Union Confederation, Ltd. Desktop Publishing & Graphic Design Specialist (CENCOPAN) Publishing Information Viorica Ciurdorean Credit Union World is published three times Delegate; Romania National Union of Mutual Benefit Societies of a year by World Council of Credit Unions, Inc. Romanian Employees (UNCAR) World Council reserves the right to edit letters to the editor and all submissions. Send submis- Marian Constantin Delegate; Romania sions, requests for subscriptions and address National Union of Mutual Benefit Societies of changes to Kimberly Johnston, editor. Romanian Employees (UNCAR) 5710 Mineral Point Road David de Jong Madison, WI 53705-4493 USA Delegate; South Africa PO Box 2982 Savings & Credit Cooperative League of South Madison, WI 53701-2982 USA Africa (SACCOL) Telephone: (608) 231-7130 Fax: (608) 238-8020 Ana Ester Galindo de Salguero E-mail: [email protected] Delegate; El Salvador Website: www.woccu.org Federation of Credit Union Associations of El Salvador (FEDECACES) ©2003 World Council of Credit Unions, Inc.

Printed with Soy-Ink on Recycled Paper Executive Forum A Term in Perspective

As outgoing how the sound and safe message providing information about credit board chairman is implemented in the WOCCU- union data, publications, programs of the World Philippines project credit unions. and products. Council of Credit As a platform for innovation and As board chairman I have traveled Unions’ and information exchange, WOCCU extensively throughout the world (WOCCU) board hosted record-breaking numbers of representing the international credit of directors I credit union leaders at regional union movement and WOCCU. I would like to technical congresses, the International have enjoyed meeting credit union take this oppor- Conference in Ireland and at the leaders, directors, volunteers and Gerry Foley tunity to discuss Leadership Institutes in both Paris members. I have found that the cred- Board Chairman highlights of and Poland. In these meetings we it union ideal is the same in every World Council’s accomplishments have involved world leaders like the country, whether developed or devel- over the last two years. President of Ireland, Mary McAleese; oping. I am honored to have played During my tenure, World Council Prime Minister of Ireland, Bertie a role in the international credit union focused on the message of sound and Ahern; Nobel Prize winners, Lech movement and thank those who have safe credit unions, noting that there Walesa and John Hume, among shown me great hospitality. I feel it is cannot be sustainable economic or others. To gain the competitive important for our member move- social progress in a country without a advantage it’s imperative that credit ments to continue working together sound and safe financial system, of unions avoid re-inventing the wheel for the betterment of WOCCU. which credit unions—enabled by and instead mobilize expertise and Finally, I would like to express my specific legislation—are an integral resources by collaborating to benefit thanks to the international credit union part. In support of the difference from each other’s experiences. movement—my second family—for all credit unions make, WOCCU has of your thoughts, prayers, cards and made countless congressional lobby- During the 2001 Leadership Institute, phone calls that my wife Pat and I, ing visits in developed countries and WOCCU introduced its Young Credit along with our children Deborah, has emphasized the need for enabling Union Professionals Program Keith and Lauren received after the legislation and regulation in develop- (WYCUP), a commitment to investing tragic loss of our son, Justin. It has ing countries, where specific credit in the future of young credit union meant so much to us and shows that union legislation does not exist. I leaders. We have also focused on with credit unions you are part of a witnessed an excellent example of issues faced by the youth of our much bigger family. movements during WOCCU events to ensure retention of tomorrow’s leaders. From the bottom of my heart, I hope A recent accomplishment for WOCCU that the entire movement continues includes adding a Spanish portal to to push for “Quality Credit Unions the website, www.woccu.org/espanol. For Everyone,” because together we Spanish-speaking members now have will continue to demonstrate the access to a direct Spanish portal, power of partnership and that coop- eration is the power of many to change the world.

~ 1 ~ Feature Article

–by Margot Cairnes, Founder and Chairman of the Change Dynamic Pty Ltd.

Editor’s Note: Seeing and Believing inability to foretell the future from the Margot Cairnes will speak at the 2003 Once everybody believed that the past. Such times challenge leaders International Credit Union Forum in world was flat. People who chal- to greater heights of imagination, Brisbane, Australia, on June 25. Her lenged this belief were ridiculed and courage, pathfinding and relationships. talk, “Imaginative Leadership for a even (like Galileo) imprisoned. Better Tomorrow”, promises to cover Eventually, we adopted a new world- Discontinuous change results from the the dynamic nature of change, the view—that the world was round and technological revolution, which in importance of imagination for busi- rotated around the sun. The old mind- turn results in: ness success and how to imagine set became outdated and what was • Increased competition and your way to a more successful future. once heresy became common sense. complexity of globalization; Cairns is a leadership expert and is The paradigm had shifted. • Increasing concentration of the author of several books. As private and corporate wealth; founder and chairman of the Change Is there a parallel here with today’s top Dynamic Pty Ltd., Cairnes travels management? Consider the following: • Ongoing technological innovation; around the globe helping organi- • Changing social values, especially zations build leadership. In the five years between 1995 and about environmental issues, 2000, a third of the Fortune 100 com- corporate citizenship and ethics; panies replaced their CEOs. Because Innovative and Visionary Leadership •Movement from the industrial era to boards believe it is the CEO’s respon- Welcome to the 21st Century, a time the information/services era; and sibility to achieve performance when uncertainty is certain. Continual through good leadership, CEOs are •Major changes on a geo-political level. change requires more of us than replaced when companies do not The rate of change is an exponential simply “up-skilling” and keeping perform. However, according to curve. pace with rapid advances in technol- Warren Bennis, founding chairman of ogy, services and information. It the University of Southern California’s A 2001 WOCCU survey of credit union demands transformation. Leadership Institute and James leaders found the key issues credit unions are facing relate to the chal- Credit unions around O’Toole, vice president of the Aspen lenges of working in a “global the globe are facing Institute, when it comes to selecting networked environment.” While many major restructuring CEOs, board members repeatedly hire people think that success in such envi- due to advance- the wrong people because they don’t ronments comes from adaptation to ments in high- understand good leadership. change, Peter Drucker, inventor of tech delivery modern management, believes adap- and informa- Most people at the top end of business tation is dangerous. He writes, “The tion systems, were reared with a mindset that only way to manage change is to cre- the continuing actually limits their making sense of a ate it. By the time you have caught up merger trend changing world. Board members are to change, the competition is ahead of and the need to firmly rooted in an outdated mindset. you.” comply with Metaphorically, most of them still believe that the earth is flat. challenging In times of rapid discontinuous govern- The New World View change, doing the same thing harder, ment reg- faster and more often is lunacy. Like ulations. Charles Handy, who helped start the all industry leaders, those heading To capitalize London Business School, tells us we credit unions must adopt and create on change are in a time of rapid discontinuous radical new ways of thinking and we must be change. We aren’t changing along a working. In times of rapid discontinu- more dynamic continuum, but instead moving into ous change the path has to be blazed, and innovative a whole new paradigm. The defini- not followed. in our leadership. tion of discontinuous change is an

~ 2 ~ encouraged us to attempt to control in that system and to all the systems our environment to ensure standard connected to it. Quantum physics tells In 1996 I was asked to work with the results. According to the machine us that in the quantum world, it isn’t European manufacturing heads of BP paradigm, if you couldn’t see it, touch the visible bits that matter but the invis- Oil Europe as they merged their it and measure it—it didn’t exist. ible relationships between the bits. organization with Mobil Oil Europe. This was a merger of some 17,000 With stable conditions and moderate In machine-age thinking the relation- people valued at approximately US$5 change, all of this worked well ship is unseen, unmeasured and billion. We had just six months to enough. In times of rapid discontinu- therefore considered irrelevant. In the implement the merger. At the time, BP ous change, breaking things down E-world, it’s all about the relationship. Oil Europe had been the company’s into the bits, understanding the bits The two worlds are compared in the poorest performing asset for many and putting them back together is just chart below. years. One year later, the merger was too slow. Trying to control the envi- bedded down and the merged compa- ronment is not only a waste of time, E-world and machine-world thinking ny made a record profit and became but also counterproductive. aren’t incompatible—but they are dif- the highest performing part of the ferent. Operating in the E-world with company’s manufacturing portfolio. We need to adopt a new E-world view. only machine-age thinking skills is We must shift our thinking to include leadership suicide. Four attitudes contributed to the more of our potential and build on success: learning from the new sciences. 2. BUILDING EMOTIONAL & SPIRITUAL 1. The leaders adopted E-world E-world thinking is based on systems INTELLGENCE (EQ & SQ) thinking. theory, which tells us that all things Adopting the E-world view requires 2. Each leader worked personally operate in systems and all systems are leaders to go through a process of to build up his or her emotional interconnected. A small change in one personal transformation—to build intelligence (EQ) and spiritual part of a system can lead to a change their EQ and SQ and, by doing so, intelligence (SQ). Continued on Page 16 3. The leaders concentrated on relationships, relationships and relationships. 4. All of the above was applied to strategic reality. Let’s look at these four attributes in more detail. (The emerging future) Emotion, e-mail, e-commerce, Mechanistic thinking energy, electricity, ecology, 1. E-WORLD THINKING education, empowerment Just over 300 years ago the invention •Tangible, visible, of the machine revolutionized the measurable •Invisible, difficult to measure feudal world. Machines not only • Controllable • Difficult to control changed the way people worked and • Understandable by • Complex, messy—Heisenberg lived, they also transformed the way breaking down principle people thought. Based on the princi- • What you can see • Relationship (the invisible ples of Newtonian physics (and later and understand fiber/space between the bits) scientific management) we learned to • People are the cogs in is everything understand things by breaking every- the wheel of the system • People are integral to, and thing down into component parts, • Human emotion, soul and drivers of, the system analyzing those parts and reconstruct- spirit are irrelevant • The human psyche (spirit, ing the whole. Scientific manage- soul and mind) is central to ment—plan, organize and control— relationship, creativity and adaptation to change

~ 3 ~ Global Advocacy Helping the World’s People to Help Themselves

“HE HELPS OTHERS MOST, WHO SHOWS THEM HOW TO HELP THEMSELVES.” Highlights of WOCCU’s – P. GOUTHEY 2002 Annual Report Looking back on 2002, “Quality much so that we implemented the transfers as a means to enable people Credit Unions for Everyone”—the Savings Best Practices project to to grow. Our efforts influenced the vision of World Council of Credit highlight how savings—when effec- marketplace and resulted in the Unions, Inc. (WOCCU)—is more of a tively mobilized and protected by an major remittance players decreasing reality than ever before. Today, 115 adequate regulatory and supervisory their fees. Still, IRnet remains the million members in 100 countries are framework—foster safety, trust and world’s most cost-effective funds creating growth opportunities for sustainability, and ultimately, extend transfer program. themselves and their families through the cycle of self-help even further. the benefits of affordable financial 2002 was also an exceptional year services offered by credit unions. Last year, we helped build trust for WOCCU’s regional and interna- through the implementation of the tional conferences. With record num- What accounts for credit unions’ con- PEARLS Monitoring System. Now used bers attending our meetings, more tinued success? A commitment to the in 20 countries, PEARLS provides the than 2000 credit union leaders and core values of access, trust, self-help means for credit unions to set, imple- personnel from around the world and growth. Private and independently ment and measure their performance had many opportunities to help owned, credit unions are inherently against the internationally accepted themselves by sharing knowledge trustworthy; institutions that answer to and recognized financial disciplines. and experiences, then using that member needs rather than stockholder information to implement solutions demands. Credit unions recognize the The fruit of these efforts: continued to local challenges. Another record power of the human spirit and offer growth. Last year, US$2 billion was achievement was the acquisition of opportunities—for financial growth deposited by more than four million $15.6 million for new credit union and social progress—not found any- new members in WOCCU’s project development projects. where else. credit unions. This proves that people at every income level will save if While we’re pleased with this year’s While each core value is important, they have a safe place to do so. achievements, we are acutely aware self-help is the real way credit unions that there is much more to accomplish, differentiate themselves. “One mem- While trust led to a 14% growth in especially as the gap between “have ber, one vote” remains a credit savings, loans increased by only 6%. more” and “have less” countries union hallmark and self-funding is Current credit union loan-to-share continues to grow. Despite cultural widely recognized as a cornerstone ratios are at 70% worldwide; 80% and economic differences, the of credit union success. Because would be ideal. Credit unions need world’s people have a common member savings fund member loans, to find innovative ways to create human desire to grow and prosper. credit unions are more self sufficient member-related investments with an Now more than ever, WOCCU and stable and acceptable rate of risk. Even a 5% programs must be run for, with and members have increase in loans would channel by the people we serve. Our work greater access to approximately $25 billion back to our must be done in the spirit of true affordable finan- members and their communities, collaboration and self-help must cial services. providing increased opportunities to be an integral component. People improve their financial position and helping people to help themselves, WOCCU believes move up the socio-economic ladder. that’s what credit unions are all about. strongly in the empowering Other self-help highlights include the To request a copy of WOCCU’s virtues of savings growth of WOCCU’s IRnet remittance 2002 Annual Report, visit mobilization. So network. We successfully raised www.woccu.org/aboutwoccu awareness of the importance of these and click on “Annual Report.” Arthur Arnold President & CEO ~ 4 ~ Advocacy Platform Development

• Set the standards for safety and sound- • Achieved record attendance of 758 •Obtained US$15.6 million to fund new ness using PEARLS in 20 countries participants from 33 countries at the development projects •“Hiked the Hill” with CUNA and 25 Leadership Institute in Warsaw, •Commenced new projects in Bolivia, state leagues to educate U.S. Poland; Nobel Peace Laureate, Lech Ecuador, Jamaica, Mexico, the Congress on the international Walesa keynoted; 104 attendees were Philippines, South Africa, the United difference of credit unions under age 35 Kingdom and Uzbekistan, as well as • Continued advocating the low-risk • Co-hosted with USAID and DGRV the Rural Finance Best Practices profile of credit unions with the Bank Savings and Regulations Best • Received grants from donor agencies for International Settlements Practices conferences: including the Asian Development Bank •Increased global awareness of credit —260 participants from 16 countries (ADB), the Inter-American unions through media coverage in the in Managua, Nicaragua Development Bank (IDB), the U.S. Wall Street Journal, The Economist, —169 attendees from 9 countries in Agency for International Development Voice of America and on television in Mexico City, Mexico (USAID), the World Bank and its numerous countries —153 participants from 35 countries Consultative Group to Assist the • Developed a new association database for first-ever international Savings Poorest (C-GAP). • Published 3 issues of Credit Union Mobilization Conference in • Received grants from credit union World in English and Spanish Washington, DC donors including the British Columbia • Introduced 7 monthly eCommuniqués • Co-hosted 265 participants from 22 Credit Union Foundation, CUNA • Received the Herb Wegner Memorial countries at the African SACCOs Mutual Group, the National Credit Award for the WOCCU-Philippines Congress in Accra, Ghana Union Foundation, U.S. Central Credit project • Co-hosted 10 participants at the Union and 125 WOCCU Supporters • Approved 4 new members: Bolivia, European CU Associations Summit in • Introduced 3 new credit products in El Salvador, Kenya and Paraguay Manchester, England development projects •Visited 22 out of 30 WOCCU • Hosted first-ever Asian Technical • Distributed Savings Best Practices member organizations Congress in Davao, Philippines with results to 500 technical assistance •Received 11 nominations for the 187 attendees from 12 countries professionals Distinguished Service Awards • Co-hosted an Advocacy Training • Expanded independent WOCCU • Added 20 new Supporters for a total Workshop for 25 attendees from 7 Rating Agency in Guatemala to 23 of 125; created Bronze, Silver, Gold countries in Washington D.C. out of 28 FENACOAC credit unions, and Platinum categories • Added value to WOCCU’s website representing 85% of movement assets • Hosted 2nd Annual Supporters with a “Members Only” section • Participated in numerous high level Recognition Reception in Warsaw, • Launched major new Development meetings with donor organizations Poland Finance section on WOCCU’s website and development decision-makers • Signed 4 People-to-People • Recorded over 6.5 million hits from including USAID, the World Bank, Partnership Agreements: Washington, more than 116,000 internet users on Asian Development Bank, Brigham DC and Nicaragua; Texas, California www.woccu.org (<100% increase Young University, Erasmus University, and Mexico; Illinois and the Ukraine; over 2001) the United Nations, Asia-Pacific Connecticut and Trinidad & Tobago • Received 33 nominees from 12 Economic Cooperation, International • Hosted 300 attendees at the countries for the WOCCU Young Fund for Agricultural Development International Reception at the Mexican Credit Union Professionals scholarship and the Overseas Cooperative Cultural Institute during CUNA’s GAC • Signed up 46 new credit unions reach- Development Committee in Washington, DC ing a total of 165 credit unions with 750 points of sale in 20 states for IRnet •Wired US$50 million through IRnet, exceeding expectations by 65% ~ 5 ~ People-to-People Bolivia and Ohio: Learning from the Challenges –by Bill Merrick, Managing Editor, Special Projects, Credit Union Magazine, CUNA and Michael Beall, Manager of Governmental Affairs and Partnerships, WOCCU Reprinted information courtesy of CUNA’s News Now ment of a central financial facility in Bolivia. Personal COUNTRY INDICATORS visits will be made between National Capital: La Paz credit union executives in Government Type: Republic Ohio and Bolivia. Julio Population: 8,445,134 (July 2002) Fernandez, project director Population below poverty: 70% (2001) for WOCCU-Bolivia, recently Unemployment rate: 32% (2000) completed his second visit Inflation Rate: 11% (2000 est.) Exchange Rate: 6.86 bolivianos with credit union represen- (BOB)/US$1(Jan. 2002 est.) tatives in Ohio, focusing GDP: US$21.4 billion (2002 est.) on technology and shared GDP per Capita: US$2,600 (2001 est.) The Ohio Credit Union League, Corporate One FCU and WOCCU-Bolivia branching. Source: CIA Fact Book sign an a official People-to-People partnership agreement. CREDIT UNION INDICATORS (Photographer: Marechiel Santos) “Through this partnership, Credit Union Locations: 15 credit unions will ensure Members: 101,701 On her way to sign a partnership agreement between Savings: US$50,468,935 the safety of members’ Ohio and Bolivian credit unions, Rosemery Aramayo, Loans: US$44,597,991 money,” Hernandez said. CEO of Cooperativa M. Felix Gainza in Bolivia, was Source: WOCCU’s 2001 Statistical Report “It’s very important for harassed by soldiers and prohibited from leaving the credit unions to serve the politically charged country. The incident left Aramayo poorest part of the popula- shaken but unharmed. It illustrates the tough conditions tion, which sees its future fellow credit union executives sometimes operate under through credit unions.” in troubled areas. Mike Beall, WOCCU man- Arthur Arnold, World Council of Credit Unions (WOCCU) ager of governmental president and CEO related this story during a reception at affairs and partnerships, the Australian Embassy in Washington, D.C., honoring a added, “The next phase of new partnership between the Ohio Credit Union League, partnership activities will Corporate One Federal Credit Union (Columbus, Ohio) include a training session and the Bolivian credit union movement, as part of on WOCCU’s Model Credit WOCCU’s People-to-People Program. The event featured Union Building Tools, a signing ceremony where Rose Bartolomucci, chairman including the PEARLS said Corporate One’s Lee of the Ohio CU League (OCUL); Lee Butke, CEO of Financial Management Butke. “We are both excited Corporate One FCU; Julio Fernandez, project director, system, for Ohio credit and proud to share our WOCCU-Bolivia; and Gerry Foley, chairman, WOCCU’s union leaders so they better expertise, knowing that board of directors signed the partnership agreement to understand the work being through this process all cement their developing close ties. done by Bolivian credit the parties involved will unions. In May, OCUL walk away with invaluable Bartolomucci noted, “The Ohio Credit Union League and Corporate One will experiences. It’s these appreciates the opportunity to join in this partnership with assist with a technology types of partnerships that the credit union movement in Bolivia. By participating in assessment of credit unions demonstrate to the world this venture, Ohio credit unions will stretch our horizons participating in WOCCU’s the cooperative power of and gain from interactions with another culture. Beyond Bolivia project. credit unions.” that, we may come to better appreciate the challenges faced by a credit union movement operating in an economy “Our role will be to provide Funding for the Bolivia- less robust than our own and better understand the unique assistance in the design and Ohio Partnership comes strengths of the U.S. financial system.” in the technological foun- from the National Credit dation on which credit Union Foundation and The two-year partnership will focus on the development of unions can then build a two- its Partnership and branch offices and information systems and the establish- tiered credit union system,” People-to-People Grant.

~ 6 ~ Belize CUs to Expand Services Visit with Florida Provides Valuable Insights

–by Michael Beall, Manager of Governmental Affairs and Partnerships, WOCCU were happy to share the U.S. corpo- member Jane Usher provided unique rate model and that of Southeast insights into the birth of the Belize Corporate. Plus, having an objective credit union movement. Usher was outside party ask us about our involved at the start of Holy infrastructure and systems is always a Redeemer CU in 1944 when Father great exercise.” Marion Ganey, a Jesuit priest from the U.S., convinced three women The Florida credit union system was from the parish to contribute $0.25 impressed with the enthusiasm of cents each to start the credit union. the group which included Yolanda Usher recounted the philosophy of Giving credit union members greater Gomez, manager, La Immaculada Father Ganey, “If you sell fish, you access to affordable financial services, CU; Jane Usher, general manager, have to smell like fish; if you sell the government of Belize recently Holy Redeemer CU; Clement Usher, money, you have to look like passed new legislation that will open financial controller, Holy Redeemer money.” up credit unions’ abilities to offer CU; Daisy Dawson, manager, St. checking accounts, credit and debit John’s CU; Ronald Hulse, manager, Usher received assistance from cards and ATM access. In response, St. Martin’s CU; and Dushinka Kuylen, CUNA, along with the Michigan and Belize credit unions are working to Independence Office branch manager, Illinois Credit Union Leagues on draft develop relationships that make Citrus Grower & Workers CU. legislation modeled after U.S. law. offering these products and services That assistance led to the passage of a possibility via cooperative pricing “The experience hosting this delega- legislation in the 1950s. Usher took a for the entire movement, which con- tion from Belize was incredible. pay cut in 1994 from $35 a week to sists of 14 active credit unions. It was great to see our Florida State $25 per month to operate Holy University CU, SCORE FCU, Redeemer CU. She remembers the A group of Belize credit union offi- Tallahassee-Leon FCU, Florida books being off by $60 when she cials led by Belize Registrar of Commerce FCU, as well as United started. The local priest made a Cooperatives Zenaida Moya and Datatronics [a credit union service deposit to set the books straight, as Belize Credit Union League executive organization specializing in technology] Usher began to manage the credit director Natalie Goff traveled to roll out the red carpet and show union. Today, Holy Redeemer CU Florida to meet with credit union guests how we do business in serves more than 34,000 members. leaders from the Florida Credit Union Florida,” said Cassandra Grayson, VP League, Southeast Corporate Credit of Education and Training for the The visit was funded by the govern- Union and four Tallahassee, Florida Florida Credit Union League. Grayson ment of Belize and in part by a grant area credit unions from February 2-6, and Jason Norton, VP of Marketing from the National Credit Union 2003. The group visited Florida to for Southeast Corporate organized Foundation to WOCCU for better understand the technology, the visit. Partnership and People-to-People member services and products of U.S. program activities. credit unions, as well as examine the Grayson expressed admiration for overall U.S. credit union system of the tenacity of the Belize credit interrelated league and corporate union system. Belize delegation credit union services.

“We welcomed the opportunity to l-r: Miles Strickland and Greg Wirthmann, work with the representatives from SE Corporate CU; Mike Beall, WOCCU; Daisy the Belize credit union movement Dawson, St. John’s CU; Clement Usher, Holy Redeemer CU; Zenaida Moya, Belize and WOCCU in creating a visit that Registrar of Cooperatives; Ronald Hulse, would further assist the development St. Martin’s CU; Dushinka Kuylen, Citrus Grower of the credit union movement in & Workers CU; Yolanda Gomez, La Immaculada CU; Natalie Goff, Belize CU League; Jason Belize,” stated Bill Birdwell, presi- Norton, SE Corporate CU; Jeanie Henson, dent and CEO of Southeast SE Corporate CU; seated: Jane Usher, Corporate. “Since Belize doesn’t have Holy Redeemer CU. (Photo courtesy of Southeast Corporate CU) a corporate credit union today, we

~ 7 ~ Global Trends Remittances and the Credit Union Difference

–by Dave Grace, Financial & Regulatory Affairs Manager, WOCCU

As labor markets encouraged WOCCU to explore how become more global in to facilitate the transfer of funds from scale, workers are relo- credit unions in the U.S. to Latin cating across country America. In July 1999, the project borders for job opportu- became formalized and WOCCU nities. As part of these launched its International Remittance relocations, workers abroad Network (IRnet) service. Over 170 often remit home some credit unions in 28 states with 750 portion of their earnings. In points of service in the U.S. are using 2002, an estimated US$105 the service to send money to 42 billion dollars in worker remit- countries on five continents. tances was sent worldwide. The largest share of this was from WOCCU is working with two com- workers residing in the United States mercial money transfer companies (U.S.) sending $32 billion in 2002 to and credit union national associa- Latin America and the Caribbean. tions in El Salvador, Guatemala, Honduras, Jamaica and Mexico to The U.S. Census Bureau indicates provide guaranteed remittance serv- that 11.5% (28.4 million) of the pop- ices. With a physical infrastructure of ulation is foreign-born—the level is 37,000 credit unions broadly dis- the highest since the 1930s. For states bursed in 93 countries, the interna- such as California, New York and tional credit union system likely has New Jersey, percentages of foreign- the best infrastructure of any finan- born residents are much higher—30, cial network in the world to handle 20 and 15%, respectively. Immigrants such payments. now represent 15% of all U.S. work- ers. Even more so than in the U.S., When safe, sound and efficient credit immigration into Canada has been unions enter a market and offer the source of the country’s recent lower-cost services, competition population growth. Immigrants now increases and prices fall. This unique comprise 16% of Canada’s population. position, along with WOCCU’s internal resources and a July 2000 With conservative global estimates partnership agreement with Vigo of 200 million people migrating Remittance Corporation, provide annually, these individuals provide WOCCU with an unparalleled oppor- a constant flow of dollars back to tunity to establish itself as an inno- their home countries, enabling the vator in the remittance market. recipients to improve their standard of living, start small businesses, Credit unions on both the sending further their education and save for and receiving sides of the transfers the future. Despite the flow, unfa- offer the product for similar reasons. vorable exchange rates and exorbi- The service enables credit unions to tant fees (up to 25% of the transfer leverage their existing infrastructures amount) offered by the dominant to offer money transfers and develop money transfer companies weaken new relationships. Similar to how the remittances potential impact. checking accounts are offered at or below costs to build relationships for In the late 1990s, Central American financial institutions, credit unions member credit unions of the World offer remittance services as a relation- Council of Credit Unions (WOCCU)

~ 8 ~ ship product. This product posi- A top priority for WOCCU in tioning and the not-for-profit status 2003 is assisting its member, Caja Latino Community Credit Union of credit unions enables them to Popular Mexicana, enter the in North Carolina undercut prices of the for-profit remittance market. Texas CU Throughout the 1990s, the Latino money transfer companies and League President and CUNA Vice population of North Carolina generate revenue on relationships Chairman Dick Ensweiler, who grew a staggering 400%. Many of that can be built. In contrast, served on Mexico President these new arrivals lacked banking money transfer companies must Vicente Fox’s transition team, services and became victims of earn all their profits from fees. says the Fox Administration is predatory lenders and criminals. In “thrilled” with IRnet because of response, Latino Community The Value Added by Credit Union its lower fees. For as little as $10, Remittance Services Credit Union, founded in June U.S. credit union members can 2000, immediately began offering Recipients of remittances generally send as much as $1,000 to WOCCU’s International Remittance have low incomes and are discour- Mexico. In addition to Mexico, Network (IRnet) service. Most of aged from saving as a result of either WOCCU has development projects Latino Community Credit Union’s receiving funds at department stores in Bolivia, Ecuador, Jamaica and 6,500 members resemble Rosalez or not being eligible to open accounts Nicaragua with remittance com- Fernandez to some degree. at banks disbursing the funds because ponents. WOCCU will be work- of high minimum balances. It is ing with its members in other Rosalez came estimated that 65% of Mexico’s popu- Latin American countries, the to the U.S. five lation does not have an account at a Caribbean and the Philippines years ago from financial institution (Source: Inter- on distribution of remittances. El Salvador. He American Development Bank). made the diffi- Because receiving remittances at Serving immigrants is at the root cult decision to credit unions introduces individuals of many credit union movements. move to the Rosalez Fernandez to financial institutions, this program The first U.S. credit union, St. U.S. to look for will increase the banking culture Mary’s Bank was created by and a better future and escape the within receiving countries and for immigrants from Quebec that poverty of El Salvador. At the provide facilities for savings. could not speak the language and time, Durham was an obvious were seeking a form of self-help choice since he had a nephew The experience of credit union as they worked in factories. living in the area. Following movements in Central America indi- Service to all individuals— Rosalez to North Carolina was cates that 28% of individuals receiv- immigrants, non-immigrants, his brother. ing remittances from credit unions citizens and non-citizens—is the have subsequently opened accounts credit union difference. Working evenings as a house- and now participate in formal finan- keeper at the Embassy Suites cial services. If remittances are For more information about Hotel in Cary, North Carolina, he received at sound formal financial IRnet, contact Dave Grace, earns $8.50 per hour. He gets paid institutions that allow and facilitate WOCCU’s financial and regulatory every two weeks, then immedi- saving part of each remittance (as affairs manager at (608) 231-8494 ately sends $300 to his mother, opposed to being distributed by or [email protected]. Maria Cecilia Gonzales, in La commercial retail stores that encour- Union, El Salvador. Maria helps age spending) then individuals will care for his three children (ages be more likely to save. seven to 12) remaining in El Salvador. Most of the money is used for medical costs, clothing and food.

As a result of being a Latino Rosalez Community Credit Union mem- Fernandez ber, Rosalez has begun direct sends part of his paycheck deposit of his paycheck, has a car to his mother loan and a debit card. in El Salvador from Latino Community Credit Union.

~ 9 ~ Knowledge Sharing Embracing Challenges and Change Lessons from Space

–by Kristine Hansen, Interim Marketing Communications Officer, WOCCU

Imagine that to cross a room, different training programs. How can whether for a cup of coffee or a people break down diversity barriers bathroom break, you must gently at credit unions? slam your body against a wall and grope the air with your fingers. For Linenger: That’s one of the critical the last 100-some days you have things—cooperation. Our space pro- seen the same two faces—and they gram is working towards this coop- don’t share your language. A critical erative spirit. If you have a common life-support system has failed. The goal, put all the little differences space station and a re-supply space- aside and work towards that common craft almost collided. On average, goal. The same thing happens in travel speed is 18,000 miles per hour. credit unions around the world: people Jerry Linenger that have financial institutions in While this is not a typical office envi- their countries can share knowledge CU World: What strategic lessons that ronment, a careful study of retired with people that do not. There’s so an astronaut learns can be applied to U.S. Navy flight surgeon and NASA many knowledge points around the today’s business environment? astronaut Jerry Linenger’s adventures world, different perspectives on Linenger: The biggest thing I on Russian space station Mir might problems, that there’s so much both learned up in space was being able to cause you to nod your head in sides of the party gain, not just the change perspective. The perspective understanding. When faced with side that’s contributing. you get out in space is this grand chaos, how do you introduce view of the world. You realize how all change? True, you might wear a suit CU World: You learned Russian in the parts interact. No one is an island and freshly pressed blouse, and not a just five weeks when you were told it out there; we’re all in it together. You spacesuit, and the view outside your would take a year and a half. What tips always have to be able to step back office pales in comparison to a sky and tricks do you have for credit union and look at the bigger picture. clogged with breathtaking meteor managers to accelerate their learning? showers and the Milky Way. And Linenger: It actually took over a CU World: Given so many cata- your member base isn’t exactly up year to become fluent in Russian. strophic and near-death experiences on meteorology. But there’s still the Whatever you’re learning, you need on the Russian space station Mir, daily question of how to remain a to dedicate yourself to it. People really your life probably flashed before you leader in an unstable environment. sell themselves short. We’ve got great many times. How do you apply this Credit Union World spoke with capability, but we let it go unused scenario to balancing the demands of Linenger from his home in Northern many times. I look at my kids and one’s personal and professional life? the enthusiasm they have and I try to Michigan, U.S.A., where he was resting Linenger: I would hope that people bring that into my life. Here’s my quietly after a long week of inter- don’t have to face life-threatening sit- new calculus in life: I look at the end views following the space shuttle uations before they see the light. In result and ask, ‘Will it kill me?’ If the Columbia disaster that killed all seven my case, however, it took that to real- answer is no, I do it. If it’s something crew members aboard. Linenger is ly sharpen my perspective on the value that can kill me, I have to assess scheduled to serve as a keynote of family, friends, colleagues and all whether it’s worth risking my life. speaker at the 2003 International the blessings of the Earth that we With space travel, my calculus says, Credit Union Forum in Brisbane, take for granted. Hopefully people “Yes, it’s worth risking my life Australia, on June 23. The title of his have good enough imaginations to because I’m doing something impor- talk is Embracing Challenges and not have to live “close calls” in their tant.” Decisions should not freeze Change: My 132 Days Off the Planet. own lives to realize that if your life is you in your tracks or cause you to out of balance, you’re no good to stay up at night, such as when you CU World: On the Russian space any aspect of your life. If you’re decide to expand into a new part of station Mir you practiced coopera- 100% into business and you neglect the world. Do not paralyze yourself tion, with the crew speaking your family, you’re going to suffer opposite languages and coming from with fear.

~ 10 ~ (left) Linenger shown floating inside MIR (left) The International space station. (below) Space Station (ISS) getting ready to launch. backgropped over Miami, Florida, taken aboard the Space Shuttle Endeavour. Photo credit: NASA

(below) The nose of Space Shuttle Atlantis with view of earth underneath. with my heart and some of the best practices outlined here (in Credit Union World) are applicable. You talk strongly about standards. Well, in space everything is built on engi- board—six of whom I knew person- neering standards—making sure the ally—would want everyone to stand equipment works as advertised. With on their shoulders and move for- credit unions, you have to stay on top ward. Whenever something bad hap- of the numbers and review credit pens, people who have their own worthiness of the people. I read about hidden agendas—for example, people the Michigan and Macedonia partner- who want to spend a lot of money ship and helping each other. We on man-probes to Mars or tax money absolutely have to do that with mis- on personal interests—come out of and so is your work. Don’t let life get sion control and people on board; for the woodwork and start bashing the stale—it’s a short life relatively and example, the spacecraft, space shuttle program. I try to counter it the best I you’ve got to keep it in balance and and space station. When there are can, to show respect and admiration continue pushing forward. problems, you need to learn from to people who gave their lives. From them and share so that others don’t the e-mails and calls I receive from CU World: Many credit unions are repeat the mistakes. In space it’s around the world, I believe that operating in developing countries critical that we keep improving our mankind pulls for our space and they may not have immediate spacecraft, systems and safety, as program. Astronauts are human access to the latest in technology. much as possible. It shows when we beings: they have the same needs What advice do you have for them? fail, as with Columbia. and concerns, such as leaving family behind, like anyone else. Linenger: My training for the space CU World: What lessons can be learned station consisted of one-on-one from the Columbia shuttle disaster? CU World: lectures with someone talking in Will you go up on any Russian and with a piece of chalk and Linenger: One thing that’s very more missions to space? a slate blackboard. I’ve learned important is the way NASA’s been Linenger: Once an astronaut, always “rocket science” this way. I learned forthright. When you have problems, an astronaut. John Glenn was 77 on how to keep the life support systems you need to recognize, correct them his last flight, so I may go back. going and state-of-the-art equipment and move on. In a group like However, right now I am not active on board. A lot of things in our mod- WOCCU you have the opportunity in in the program. I’ve got four little ern society are bells and whistles and Brisbane to share not only your ones from first grade on down, so it’s are nice to have, but you always need victories, but also your failures. probably not the right occupation. I face-to-face discussions where you are Have the guts to share with each decided that long before Columbia. sharing knowledge and experiences. other, so mistakes don’t get repeated Every astronaut knows there’s big That’s part of being a human being and you’re an evolving, improving risks. But, if they say, “We’re ready and it’s always going to be the superi- organization. You have to take risks for Mars,” 20 years from now and or way to communicate. Technology’s to get big rewards. Even if they don’t they’re looking for a volunteer, I’m a nice aide, but it’s not by any means pan out, don’t give up. When you’re trying to stay in shape for it. So don’t the primary way to communicate. going into developing countries, it’s count me out. new ground and you need to be CU World: Can you draw some paral- willing to take risks. lels between life on the space station (left) Linenger’s CU World: What kind of advocacy book “Letters from and the credit union movement? MIR...An Astronaut’s work have you been doing in response Letters to His Son” Linenger: In the credit union move- to the Columbia shuttle disaster? ment I see a lot of advocacy. I’ve done a lot of advocacy for the Linenger: For the most part, media. world’s space program. I believe in it I really believe in our space program. I know that the seven people on

~ 11 ~ Spotlights on Development Rwanda: Rebuilding a Country and its Credit Unions –by Anna Cora Evans, Development Finance Analyst, WOCCU WOCCU Rwanda Program Objectives World Council of Credit COUNTRY INDICATORS Unions, Inc. (WOCCU) National Capital: Kigali received $3 million in fund- Government Type: Republic ing from USAID/Rwanda to Population: 7,348,074 carry out a four-year pro- (July 2002 est.) gram of rehabilitation and Area: 26,338 sq km Inflation Rate: 5% (2001 est.) institutional strengthening Exchange Rate: 456.81 rwandan of both the federation francs/US$1 (Jan. 2002 est.) (UBPR) and a number of GDP:US $7.2 billion (2001 est.) pilot credit unions. The GDP per Capita: US$1,000 UBPR system, 148 banques (2001 est.) Source: CIA World Factbook populaires at year-end 2002, CU INDICATORS Rwanda Project Staff: l-r: Roger Bureshyo, administrative & financial has the widest geographical CUs: 148 assistant; Adrián Rodriguez, project director; technical assistants coverage of any financial Members: 315,356 (Photographer: Anna Cora Evans) institution in the country. Assets: US$33 million In the eight years since the end of the civil war and genocide that ravaged Rwanda’s society and economy The WOCCU Rwanda the 148 credit unions in in 1994, Rwandans and international partners have program, working in the system. worked diligently to rebuild the country. The genocide close collaboration with not only led to more than 1,000,000 deaths and more the UBPR, set out in late refugees and internally displaced people, but also, in 2000 to restructure the Introducing New Products 1994 alone, the GDP fell by 50%. Still today, at least UBPR and guide it from a & Methodologies 60% of Rwandans live beneath the national poverty loss-making position to One objective of the line according to the U.S. Agency for International solvency. In 2001, WOCCU WOCCU Rwanda pro- Development (USAID) and the International Rwanda began with 10 gram is to expand the Monetary Fund (IMF). Approximately 80% of the pop- and later added another array of savings and cred- ulation lives in rural areas. seven pilot credit unions it products available to with which it works to credit union members. In 1994, before the war, the Union des Banques improve financial perform- Since the program began, Populaires du Rwanda (UBPR—the national federation ance, increase outreach and several new savings of Rwandan credit unions) and over 130 affiliated banques strengthen staff capacity. Of products have been populaires (individual credit unions) located through- the 17 banques populaires, rolled out by WOCCU out the country, served 366,799 members. During the 10 are located in rural areas. Rwanda in the pilot ban- war, roughly US$7 million was stolen from ques populaires and by the credit union system and transferred to what is Membership Growth UBPR field staff in many today the Democratic Republic of the Congo for use In December 1999, prior of the other 131 credit by perpetrators of the genocide. to the WOCCU Rwanda unions. The new prod- program start, the UBPR ucts include: term The UBPR closed its doors, as did all financial institutions, and its member credit deposits and pro- including the Central Bank of Rwanda, during the war in unions served 193,776 grammed savings for 1994. The UBPR system reopened gradually with most members. As of November housing, retirement and credit unions resuming operations in 1996. At year-end 2002, the network offered solar energy (demand in 1996, there remained 42,000 members and only 20% of financial services to rural areas). The UBPR the pre-war staff. 1 Between 1996 and 1998 credit oper- 315,356 members. The learned about this array ations were halted since virtually all loans granted before membership of the 17 pilot of savings products dur- the war were non-performing. Most pre-war borrowers credit unions, 99,815 at ing an exchange visit to were deceased or displaced and most collateral, as well year-end 2002, makes up its partner, the Maine as credit union records, had been destroyed. Credit approximately one-third Credit Union League. unions resumed lending in 1998. of the total outreach of Prior to the start of the 1 Sources: “Financial Reconstruction in Conflict and Post-conflict Economies,” IMF, “Rwanda: Recent Economic Developments” ~ 12 ~ WOCCU Rwanda program, the In addition to dairy production, banques populaires only offered Mulindahabi’s nuclear family and his passbook savings. These voluntary parents work the three hectares that and fully withdrawable savings belong to them. This spring he remain the most popular savings prod- expects to harvest plums and berries uct in Rwandan banques populaires. that he will sell to a nearby training institute that produces and sells jam. In an historic agreement between Per Mulindahabi’s calculations, his Rwandan government officials and $400 investment of planting and the World Bank, US$5 million will be tending to this fruit should earn him allocated through an existing World no less than $1,000 at first harvest. Council of Credit Unions, Inc. On his land, he also grows corn for (WOCCU) development project to family consumption and has six strengthen Rwanda’s credit unions, small tracks of tea. Workers from a known as banques populaires. The Justine Mulindahabi stands in front of the family’s tea factory 15 kilometers away acreage (hectares) used for growing produce. grant would not have been possible (photographer: Anna Cora Evans) come to pick the leaves twice a without the commitment of the month. He receives $0.04 cents per Rwandan government, including In November 1998, Mulindahabi bor- kilogram picked. President Paul Kagame, his adminis- rowed his first loan of US$1,540 from tration and the Central Bank. the Banque Populaire de Kibali for Mulindahabi is dedicated to repaying 36 months. He used the money to his loans on time. He has $112 left On the Road to Success buy a cow, build a stable for the cow to repay on his current loan in the “Everything I have, as far as invest- and purchase two small fields for the next seven months. At age 35, he has ments go, is thanks to my credit cow to graze and eat. One year later, a brightness to his eyes and emanates union,” admits the shy farmer he sold this first cow and was able pride at his advancement. He Bonaventure Mulindahabi. He has to buy a better quality artificially remarked, “There has been a great been a member of the Banque inseminated, milk-producing cow. change in the credit union. Before Populaire de Kibali in the rural town In July 2001, when he still owed they only gave very small loan of Byuma, Rwanda since the credit $115 and had four months left to amounts. Today we can get larger union reopened its doors in 1996. repay it, Mulindahabi took out a amounts for bigger investments second loan for $500 to buy a sec- and the teller windows offer better Mr. Mulindahabi, husband to Justine ond cow and also improve the service...I like the banque populaire and father to four children, had six breed quality of his cows. because I see that it’s an institution years technical training in farming that really works with the masses.” Today the family has three cows. and forestry (high school equivalency) Continued on Page 18 before the war. In 1996, and still These cows produce 20 liters of milk today, he earns a meager salary from each day. Mulindahabi, his wife or the Government of Rwanda as an his employee take turns walking 12 agronomist. Mulindahabi learned kilometers (24 kilometers round trip) along a dirt road in the morning and about the Kibali credit union because Bonaventure his salary was paid through this insti- in the evening to deliver milk to the Mulindahabi’s tution; however, he recounts that he dairy in Byumba. Each liter earns credit union him $0.30 cents. in Rwanda. never had anything remaining from his (Photograher: salary to deposit in the credit union. Anna Cora Evans) Mulindahabi’s dream is to be able to earn enough from his independ- ent agriculture and livestock activi- ties so that he can leave his gov- ernment job. Thanks to the credit union and his family’s skill and Bonaventure dedication, he hopes to achieve Mulindahabi shown here with his wife, this goal within two years. Justine and their two children (Photographer: Anna Cora Evans)

~ 13 ~ Movement Highlights Member Updates

Australia – (CUSCAL) In April all “Co-operative Expansion through Mexico – (CPM) Caja Popular Credit Union Services Regional Integration” and will fea- Mexicana drafted a strategic Corporation staff ture a number of exciting activities, plan for 2003-2007 to relocated to a new office in Sydney such as the International Trade Fair, address technological, legal (One Margaret Street building). A retail Youth Business Camp, the Manager’s and organizational challenges. area is on the ground floor and Forum and accredited workshops. Consequently, CPM made adjustments employees have modern ergonomic Further details on the Annual to its mission, vision, values and strate- stations, better kitchen facilities on all Convention can be obtained by visiting gic objectives. According to President floors and shower facilities for those CCCU’s website at www.caribccu.org Ramón Imperial Zúñiga, “This strategic who enjoy keeping fit before work plan gives us a very clear idea of what Malawi – (MUSCCO) Malawi’s econo- or during lunch breaks. An Office my continues to suffer from we hope to achieve during the next Relocation Steering Committee was widespread hunger and the five-year period. We have taken into established with members Tom Taylor, withholding of aid by bilateral and consideration opportunities and threats Mike Fenech, Paul Ramsden and multilateral partners to the govern- identified in the environment, as well Lesley Everitt. Group Development ment. Local currency has depreciated as the institution’s strengths and weak- provided project management services and since the country is dependent on nesses.” As of February, more than and Phil Hurley oversaw various imports, Malawi Union of Savings and 600,000 members at 326 branches in aspects of the project. Five leading Credit Cooperatives, Ltd. reports that 24 of Mexico’s 32 states are served by interior design firms participated in a business has been affected. Savings CPM. An analysis of internal and tender to provide designs for the new and credit cooperatives (SACCOs) external factors influencing the institu- offices and the Australian architectural have not been spared from these tion’s development demonstrates that firm Bligh Voller Nield was selected. difficulties. A few employer-sponsored the following issues were fundamen- tal to defining strategic objectives: Canada – (CUCC) The Government credit unions have closed due to Affairs unit of Credit closure of sponsoring companies and legal transformation to adapt to new Union Central of many in the rural regions are also legislation; interest in acquiring better Canada (Canadian Central) is pursuing reporting a torrid time financially. technology; providing modern and discussions with the federal govern- Savings are trickling in very slowly, accessible products and services; and ment to enact regulations necessary to coupled with sluggish loan repayment forming alliances with national and facilitate system restructuring. In patterns. The rural population strug- international organizations. 2003, Canadian Central appeared gles to make ends meet in the midst New Zealand – (NZACU) Even before the Standing Senate Committee of severe food shortages. under unfavorable govern- on Banking, Trade and Commerce at There is also the growing problem of ment legislation, New its hearing on bank mergers to out- non-remittance of payroll deductions Zealand credit unions line for the Committee the significant meant for savings and loan repayment continue to grow at more than 20% role that Canadian credit unions by the employed SACCO members, annually, reaffirming that credit play in Canada’s financial system. particularly government employees. unions worldwide have a vital part Regarding proposals for a cooperative There is no legislation to protect mem- in their community. This growth bank system in Canada, Canadian bers from such illegal withholding of is in spite of the introduction of a Central CEO, Joanne De Laurentiis funds. MUSCCO is intensifying efforts government-sponsored bank and the supports further consultations that to increase pressure on those govern- significant increase in loan sharks would “directly involve representa- ment and other employers that owe and financial companies. tives of the co-operative financial members huge sums of money, asking NZACU regards 2003 as the “year of system.” At press time, the federal them to release funds. MUSCCO competition” and is well prepared to government is expected to outline expects to use WOCCU’s advice on meet the challenges ahead. Focus is its current position on the coopera- how best to deal with the problem. on developing and enhancing the tive bank model early in 2003. However, in rural areas where there niche market as a “Personal Services Caribbean – (CCCU) The Caribbean are cooperatives, mostly organized by Banker” by providing excellent Confederation of Credit Unions’ smallholder farmers, the situation member service and building 46th Annual International might brighten in the second quarter stronger community relations. With Convention and 32nd Annual when they start selling produce. such dedication on the part of credit General Meeting will be in Aruba, July unions to ensure sustainable growth 19 -25, 2003. The convention theme is for their membership, NZACU is

~ 14 ~ equally committed to ensuring that tion to improve the development of billion as many deposit holders credit unions have a competitive edge their credit unions. For more infor- switched to credit unions for favor- in the marketplace. NZACU is continu- mation, visit http://www.cofep.com. able rates and service quality. ally exploring enhancements and Peru – (FENACREP) In 2002, credit National and regional Polish media development of products and services unions reported 16.79% noticed the popularity of credit to meet the growing banking needs growth in total assets. In unions and provided coverage focus- of New Zealanders. This is supported addition, a 4.5% growth in member- ing on their growing economic with nationwide marketing campaigns. ship represents special participation of role among the less affluent part of Nicaragua – (CCACN) After tremen- women, which increased more than society and as an alternative source dous efforts by the 3% overall last year. of quality financial services. Financial Credit Unions Rzeczpospolita, Poland’s second- In December 2002, the Banking and Central of Nicaragua to largest daily circulation newspaper, Securities Superintendency of Peru reorganize the country’s credit union printed a front-page story about approved the Credit Union Accounting movement, there are now 19 points credit union growth. NACSCU Manual that will become effective in of service throughout the country, President Grzegorz Bierecki said on 2004. In response to the approval, with 100% coverage of the Pacific a national television channel with 6 FENACREP developed an implementa- region. CCACN also initiated network million viewers, “Credit unions could tion plan for credit unions. This plan expansion with the inauguration of teach banks a few things. Rather than consists of the distribution of the three branches and the incorporation continue being greedy and over- manual and the tracking of activities of Xolotlán Financial Cooperative, indulgent, banks should focus on for the progressive adaptation of the located in the capital city of Managua. their customers’ real needs and try to accounting and information systems, offer better services at affordable Launch of the CoopRed product will as well as credit union training on costs, just as credit unions do.” allow transfers among member credit new regulations. unions and serve as a platform for United States – (CUNA) Because the We are continuing to make adjust- the distribution of other products U.S. Congress contin- ments to the credit union information throughout the system. A national ues to recognize that system, called Open Bank Lite publicity campaign—to present a insured financial institutions, includ- (OBL), through the organization, new image to inhabitants of ing credit unions, are overburdened Credit Union Business Integration Nicaragua—is in the design stage. by antiquated, and sometimes Systems (SISNIC). This company is a CCACN’s line of insurance services unworkable regulations, the House subsidiary of FENACREP. through its Protection Plan now Financial Services Committee is again includes one new product; four addi- Poland – (NACSCU) At the end of considering legislation to ease that tional products are in the design stage. 2002 there were 923 SKOK burden. Credit Union National (credit union) outlets (up Association (CUNA) is working Panama – (COFEP) On January from 680 the previous year) closely with legislative staff on this 30-31, 2003 the Credit earning a mark as the country’s third- legislation. Credit unions remain the Union Guaranty Fund largest financial services network. most highly regulated and restricted Corporation of Panama hosted a Total SKOK membership grew 33%, of all insured financial institutions in “Strategies for Credit Union reaching 701,386 members. (The the U.S. This legislation is consistent Strengthening” seminar with WOCCU. actual number of credit union bene- with the outcome of CUNA’s recently The first day, exclusively for member ficiaries with access to financial completed Renaissance process, credit unions, attracted 64 people. services offered by SKOKs is which was a review of legislative and Three simultaneous workshops were 2,450,000.) SKOKs have added new regulatory needs for U.S. credit unions presented on PEARLS, savings mobi- member services, such as ATM and and their ability to better serve lization and strategic planning. On VISA cards, business accounts and members in the 21st Century. Friday, 19 non-member credit unions money transfers. The value of joined the group and seminars were deposits amounted to more than presented on savings mobilization, US$585 million, up almost 45% on credit union image, new product and previous year figures. service development, risk manage- ment and credit union governance. While in 2002 savings in SKOKs COFEP reports that the event was a continued to grow, deposits held by success and gave participants the banks compacted by more than US$2 opportunity to acquire new informa- ~ 15 ~ Feature Article – (cont’d)

Continued from Page 3 move from being ordinary leaders to CU Leaders with IQ, EQ & SQ stories. In times of discontinuous being innovative or visionary leaders. change, motivating people’s hearts Renowned CU Founders and minds behind traditional stories Warren Bennis defines leadership as, Hermann Schulze-Delitzsch - Germany Friedrich Wilhelm Raiffeisen - Germany so they can become better machine- “A combination of personal behav- Alphonse and Doriméne Desjardins - Canada age players is a waste of time. We iors that allows an individual to enlist Edward A. Filene - U.S. need innovative and visionary lead- dedicated followers and create other Roy Frederick Bergengren - U.S. ers with the ability to create a new leaders in the process. Great leaders worldview and win the hearts and demonstrate integrity, provide mean- WOCCU ’03 Distinguished Service Award Recipients minds of followers who willingly ing, generate trust and communicate Henry Cruz - USA engage in the uncomfortable, but values—they challenge people and Joseph Cugini - USA rewarding effort of personal, organi- make them want to scale steep Dennis Cutter - USA zational and social transformation peaks. Real leaders, in a phrase, John Nicholson - Canada that will make us all winners in the move the human heart.” Alan Parry - Australia new era. Reverend James Oswald Thorbourne - Jamaica According to Howard Gardener, Herb Wegner - USA, posthumous 3. RELATIONSHIP VERSUS COLLUSION Harvard University Cognition and U.S. Peace Corps - USA Education professor, in his book In 2000, the global mergers and The DSA recipients will be recognized during Forum 2003. Leading Minds, Bennis has simply acquisitions boom peaked with global described ordinary leaders who do The rarest kind of leader is a visionary mergers and acquisitions exceeding not seek to stretch the consciousness one. Not content to relate a current $US3.48 trillion. Credit unions have of the contemporary audience. story or to reactivate an old one, been impacted by this boom, espe- Ordinary leaders relate a traditional visionary leaders create a whole new cially in the United States where the story effectively engaging the hearts story, one not known to most indi- number of credit unions has practi- and minds of their followers. viduals. Visionary leaders seek not to cally halved in the past few decades. cope with change-but to lead it. They Smaller credit unions have found In contrast, innovative leaders do all seek to be part of the emerging merger partners in order to stay on that ordinary leaders do, but also tomorrow, not the dying yesterday. top of the technological advances, bring a fresh twist to the story. In this globalization pressures and the category, Gardener puts leaders such Visionary leaders have made working market demand for full-service, one- as Margaret Thatcher and Charles de on themselves, intentionally and stop financial service providers. Gaulle who, he claims, identified stories behaviorally, their life’s work. They (WOCCU Research Monograph or themes that already existed in the are self-made people. In today’s Series Number 11) culture and gave them a whole new world Nelson Mandela is such a lease on life. In refreshing an old theme leader, as is the Dalai Lama, both of A newsletter of Britain’s Chairmen’s in ways compatible with contemporary whom have led a whole nation to a club (an organization whose members times, these innovative leaders new possibility. These two visionary include at least 30 chairmen from succeeded in reorienting their times. leaders bring about global change by Britain’s top 50 companies) identified bringing new meaning to a chaotic the following cultural bear traps of The credit union structure lends itself world, working on their own being merging corporations: beautifully to an innovative story and encouraging their followers to •Incompatible time frames, because it reorients the old theme of also grow as leaders. financial management to emphasize • Different value systems, customer service, member satisfac- Ordinary Leaders Need EQ • Different attitudes flowing from tion, democracy, member ownership Innovative and visionary leaders being either a high gross margin or and social responsibility. In order for need both EQ and SQ. Leaders with a low gross margin company, credit unions to fulfill this vision their SQ have the ability to question, think • Different mentalities about capital leaders must develop and maintain creatively, change the rules and work requirements, an innovative and visionary effectively with new situations. This • Different error tolerance, approach to leadership. ability allows them to play with • Conflicting attitudes towards work boundaries, break through obstacles, or ideas, become innovators and devise new

~ 16 ~ • Different organizational approaches, CEOs who want to succeed in the E- This requires that organizations build • Different perceptions of whether a world must create E-world cultures. IQ, EQ and SQ on the job, in relation- deal is a merger or an acquisition, This is the work of innovative and ship to all the internal and external and visionary leaders. Ordinary leaders are stakeholders and the strategic plan. As too unconscious and too attached to quantum physics teaches us, the energy • Different ideas of customer service. old stories to even see the cultural is in the relationships. The impact of these bear traps is so issues and reality, let alone have the great that the cost of mergers far skills to do anything about transform- Strategy is the sum total of individual exceeds their potential benefit. A ing them. Ordinary leaders can tinker performance (IQ, EQ and SQ), Boston consulting group study found around the edges of cultures; it takes actions and relationships. Strategy is that 57-70% of takeover bids were an innovative or visionary leader to real. It underlies the performance of likely to destroy shareholder value for transform old cultures into new. To do organizations. Strategy determines the acquiring company. If incompat- this leaders need high IQ, EQ and SQ. the share price. ible cultures are the thing most likely Strategy is developed when leadership to have mergers fail, then we had 4. Strategic Leadership and work teams get together regularly better understand more about culture. Strategic leadership is the fourth key and transform their thinking and to excellence in times of rapid Culture is the collection of social approach, in relationship to their peers discontinuous change. Henry mores or the “on the ground result” of and their business. I have been leading Mintzberg, a professor of manage- the unwritten rules through which brave leaders and their teams through ment studies at McGill University, people unconsciously agree to relate. such challenges for over 15 years now. tells us that strategy has five Ps— To be part of any culture, you have to And it works. plan, perspective, pattern, ploy and accept and act out the group’s mores. position. Four of these five Ps relate The 21st Century provides us with When this is done unconsciously it is to what we actually do. They are wonderful opportunities and chal- called collusion. Collusion underlies emergent strategy, strategy that lenges. By embracing E-world think- “group think.” Group think is the emerges as a consequence of our ing, emotional and spiritual intelli- tendency of any group to protect its actions and relationships. Emergent gence, relationship building and strate- mores though mind guards, unofficial strategy is best seen when looking gic leadership, credit unions have the cultural guardians who disallow back. This is the strategy we live, the power to secure sustainable success. dissent, objective discussion and even one we actually implement rather the tabling of significant problems. than the one we write in the plan. Collusion in cultures brings about stability. In times of rapid change, the stability to past mores stifles the build- New Books by Margot Cairnes ing of robust change-worthy relation- ships, transformation and creativity. Staying Sane in a Changing World

The WOCCU 2001 annual report This book contains a selection of Cairnes’ most states that one of the keys to the popular articles published in journals and magazines success of a credit union is its ability around the globe. Articles explore such topics as to develop trust with its members. work, relationships, culture, politics and personal External trust can only be achieved development in the 21 Century. when there is an internal culture of Approaching the Corporate Heart trust. This takes a commitment to the building and maintenance of open Cairnes’ popular book Approaching The Corporate and honest organizational relation- Heart has been updated. This book shows a new way ships, which require a dedication to of doing business that is sustainable and enhances personal growth and collusion—to personal well-being, as well as corporate success. not stay the same but to question, transform and co-create the future. ORDER NOW www.margotcairnes.com The Change Dynamic + 61 2 9908 2831 [email protected] ~ 17 ~ Spotlights on Development – (cont’d) Rwanda

do this, she estimates she needs $10,000 in upfront capital. Her fabric business is only one step towards being able to accomplish her goal. She understands that in order to borrow this amount from her credit union, she needs collateral. Uwamuranga deposits her earnings In September 2002, daily at the Banque Populaire pour la Uwamuranga became a Promotion de la Femme. This savings member of the Banque will support the construction of an Populaire pour la Promotion addition to her home. She hopes to de la Femme (Women’s borrow the money required for Promotion Credit Union). “I just her restaurant with this finished con- joined this credit union. The idea of struction as collateral. promoting women really attracted me,” she says. The credit union is a Despite the unimaginable hardships five-minute walk from one of the of losing her spouse and later her two hotel locations in Kigali where Continued from Page 13 job—while supporting two children— Uwamuranga and her three sales Uwamuranga, elegant and dynamic, assistants sell fabric to tourists. A Credit Union Promoting Women is determined to carry out her vision with credit union financing. “I have earned freedom and I make This new credit union, established some money as well,” remarks Having already seized a first business in 2001, is another of the 17 WOCCU opportunity (selling colorful fabrics Brigitte Uwamuranga, microentre- Rwanda pilot credit unions. During preneur and a member of two ban- to tourists in the city’s two luxury its short existence, it has attracted hotels) she notes that Kigali does ques populaires. Widowed when 1,478 members through December her husband was killed in the 1994 not have a single Pan-African 2002. There is no external funding. restaurant. She wants to be the first genocide, Uwamuranga supports Member deposits fund all loans. her two children, ages 18 and 13. owner of what she is certain will be a popular and profit-making eatery. Previously, she had a low-paying Uwamuranga’s dream is to own public service job, but was laid off. and operate a restaurant serving Seven months ago, she became her Pan-African cuisine. In order to own boss, selling fabrics imported from West Africa and clothing she and her assistant seamstresses make from this fabric.

In 2000, Uwamuranga joined the Banque Populaire de Remera, a WOCCU Rwanda pilot credit union located in Kigali and began making regular deposits. She was first a customer of a commercial bank and has continued to use a com- l-r: Brigitte mercial bank account for wire Uwamuranga, transfers and checks with her fab- microentrepreneur and a member of ric suppliers in Cote d’Ivoire and two banques Nigeria. She wants to borrow populaires, shown money to expand her business but here next to her assistant seamstress. says that, as far as the commercial bank goes, “There is no hope to borrow.”

~ 18 ~ Global Trends Credit Unions Snatch Up

–by Carolyn Hoover, DotCoop Information Lead, DotCoop

Since the launch of a .coop Internet domain in January of 2002, credit unions from more than 18 countries have snatched up nearly 2,000 .coop web addresses—more than any other type of cooperative. “In the future we expect quite a few cooperatives “.Coop is an excellent way for credit to show interest in unions to differentiate themselves,” obtaining .coop names as says World Council of Credit Unions credit unions,” says Inc. (WOCCU) CEO Arthur Arnold. “It Dariusz Kijanka, NACSCU shows political and community leaders foreign relations officer. that credit unions put people first as NACSCU is supporting community-owned organizations.” registrations in Poland by serving as a reseller in “Credit unions understand, perhaps that country. Resellers more than other co-ops, how impor- receive a portion of the tant it is to identify their businesses as proceeds of each sale to democratic, member-owned financial compensate them for institutions,” says Paul Hazen, their marketing costs. DotCoop LLC, president and CEO. He believes that competition from In the southern hemi- investor-owned banks makes it critical sphere, Herminio for credit unions to set themselves Martinez, executive apart as cooperatives. president of Electrocoop, a credit union in San The Association of British Credit Juan, Puerto Rico, agrees that .coop is www.aNewWayToBank.coop Unions Ltd. (ABCUL) purchased a key tool in highlighting the value of to market a cooperative concept to www.abcul.coop. “Our .coop name cooperative membership. Electrocoop non-members. shows our membership in the wider bought www.electrocoop.coop. cooperative community,” says Abbie In the United States, more than 1,000 Shelton, ABCUL communications “The special value [of .coop] is that credit unions have purchased .coop manager. One recent survey found that it provides a sense of identity for web addresses. Credit Union National 60% of the responding .coop regis- members with their business,” says Association (CUNA) bought trants think it is “important” or “very Martinez, adding that .coop is just one www.creditunion.coop for a consumer- important” to conduct business with more way to remind members they targeted, educational website promot- other cooperatives. belong to a cooperative. This helps ing the value of credit unions. Pete build member loyalty and involvement. Crear, CUNA chief operating officer, The National Association of says the .coop domain reinforces that Cooperative Savings and Credit Unions Metro Credit Union in Toronto bought credit unions are member-owned (NACSCU), which represents 120 credit www.mymcu.coop to emphasize to co-ops, and are about service, not unions in Poland, was the first Polish its 45,000 members that they also own profit. CUNA has also adopted entity to buy a .coop web address, the cooperative. “We like the idea of www.cuna.coop for its association’s www.skok.coop. The name not only having ‘co-op’ attached to our name,” website and each employee’s e-mail helps identify NACSCU’s mission—to says Pamela Stewart, marketing address ends in .coop. advance the interests of financial coop- manager. “It immediately tells people eratives—but it also affiliates the we are involved in the cooperative To buy .coop web and e-mail organization with the European and movement.” Metro also bought addresses for your credit union, visit international cooperative community. www.coop ~ 19 ~ Supporters Corner like the World Council of WOCCU Has Our Continued Support Credit Unions. Our board of directors and our 5,000-some employees services to individual con- join me in saluting sumers gives me added WOCCU in the honorable Michael B. Kitchen role it plays in reducing President and CEO faith that their concept CUNA Mutual Group will live long. For nearly peoples’ poverty and stabi- 70 years, CUNA Mutual lizing their standards of liv- Group has proudly sup- ing. Credit unions promise a ported and served the safe haven for savings and a unique needs of credit source for financial help unions and their mem- whenever it’s needed, plus bers. We’re proud of that they give members a voice heritage and our own suc- in the governing of how meet that need. WOCCU cessful growth alongside their credit union operates. helps foster the awareness the movement. We remain of credit unions and their committed to building All of us, working together growth; we offer the finan- upon that success. with the 21 World Council cial solutions to nurture members and the nearly that growth. We cannot overstate the 100 countries with ongo- value of credit unions. ing WOCCU projects or The World Council of We join WOCCU in its That’s why they, and their development activities, Credit Unions’ mission of pursuits of spreading the members, remain CUNA we can share the great being the worldwide good word about credit Mutual’s focus. And that’s story of credit unions and advocate for cultivating unions. While credit why we support and do what we can to make awareness of the credit unions certainly have an partner with organizations this world a better place. union advantage makes a impressive history of solid case for all of us remarkable growth, I connected to the credit believe things will only union movement to do get better. That’s because what we can to support credit unions promote WOCCU’s efforts. self-sufficiency and a chance for people to bet- People in all lands and in ter themselves personally, all cultures need to have a a valuable and admirable choice of how and where commodity in these times Head to Hawaii for the CUES Annual they want to get personal of economic instability Convention, June 14-17, then join WOCCU financial services, at what- and political conflict. “Down Under” in Brisbane, Australia for ever level of sophistica- Forum 2003, June 22-26. Attend BOTH tion they desire. In a per- From humble beginnings meetings and you’ll receive $300 in fect world, that choice as a convenient workplace rebates off your total registration fees! would always include resource for saving and credit unions. Credit borrowing, to worldwide unions are an ideal fit for anytime-electronic access, consumer needs and that credit unions have steadily message needs to be grown and the future broadcast far and wide. remains bright. The credit union-founding concept of Your Mission and Ours “people helping people” is CUNA Mutual’s mission— just as strong today as it Register on-line and specify that you are a “WOCCU & CUES Conference Attendee”. creating financial security was decades ago. For more information about these events, visit our websites: —proudly parallels WOCCU’s. We both rec- Credit unions’ long history WOCCU’s Forum 2003 CUES Annual Convention ognize that affordable and of providing needed, The Credit Union Values in a Marketing & Technology for appropriate financial serv- affordable and valuable Changing World (June 22-26, 2003) CU Directors (June 14-17, 2003) Brisbane Convention Center Hilton Hawaiian Village Beach ices are a basic human financial products and Australia Resort & Spa need and we work hard to www.woccu.org/brisbane Honolulu, Oahu, Hawaii www.cues.org/education/cac.htm ~ 20 ~ ecome a uorter oday!

World Council of Credit Unions, Inc. (WOCCU) thanks the many individuals, credit unions, credit union organizations—such as corporate credit unions, leagues, foundations, credit union suppliers— and non-credit union related organizations that have chosen to become Supporters. Your desire to commit, connect and engage directly with World Council enables millions of people to grow.

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Knox, KY Massachusetts, New Hampshire & Western CUNA Mgmt School - Class of 2003 Gwinnett FCU - Lawrenceville, GA Rhode Island CU Leagues Heritage Family CU - Rutland, VT Michigan CU League - Southfield, MI BRONZE Houston Postal CU - Houston, TX New York CU League - New York, NY Hoyt Lakes Community CU & Staff - Hoyt Lakes, MN Organizations Ohio CU League - Dublin, OH Jet CU - Indianapolis, IN —Minimum of $1,000 annually Pennsylvania CU League & Pacul Services John Deere Community CU - Waterloo, IA Australia - Harrisburg, PA, USA Kinecta FCU - Manhattan Beach, CA Australian National CU Ltd. - Sydney, NSW Texas CU League - Farmers Branch, TX MECU West - Scottsdale, AZ CU Australia - Brisbane, QLD Western Corporate FCU (WesCorp) - San Dimas, CA Education CU Co-operative - Kew, VIC MetroPacific Community CU - Seattle, WA Motorola Employees FCU - Shaumberg, IL New South Wales Teachers CU - Homebush, NSW PLATINUM Queensland Teachers CU - Brisbane, QLD Mutual Savings CU - Birmingham, AL —Minimum of $50,000 annually Brazil NW Federal CU - Seattle, WA CUNA Mutual Foundation - Madison, WI COCEDAE - Rio De Janeiro Navy FCU - Merrifield, VA National CU Foundation - Madison, WI Canada New Mexico Educators FCU - Albuquerque, NM US Central CU - Overland Park, KS CU Central of British Columbia - Vancouver, BC * Northeast Florida Chapter of Florida CU League CU Central of Nova Scotia - Halifax, NS - Jacksonville, FL Envision Financial - Delta, BC Numerica CU - Spokane, WA HEPCOE CU Ltd - Toronto, ONT * OAS Staff FCU - Washington, DC Hussar CU - Hussar, ALB Orange County Teachers FCU - Santa Ana, CA Sydenham Community CU - Strathroy, ONT Pentagon FCU - Alexandria, VA For more information about the benefits of Woodslee CU - Essex, ONT * Point Loma CU - San Diego, CA becoming a WOCCU Supporter contact: Ireland * Redstone FCU - Huntsville, AL Mary Chapman Dubco CU Ltd. - Dublin Redwood CU - Santa Rosa, CA Chief Financial Officer * World Council of Credit Unions, Inc. Dundrum CU Ltd. - Dublin Research FCU - Warren, MI Rochester Ukrainian FCU - Rochester, NY 5710 Mineral Point Road Killarney CU Ltd - Killarney Madison, WI 53705 USA Newbridge CU Ltd. - Newbridge SELCO CU - Eugene, OR Self-Reliance Ukrainian FCU - Chicago, IL Telephone: (608) 231-7457 RTE CU - Dublin Fax: (608) 238-8020 Service One CU - Bowling Green, KY Rush CU - Rush E-mail: Tullamore CU - Tullamore Service 1st FCU - Danville, PA [email protected] Jamaica Silver State Schools CU - Las Vegas, NV City of Kingston Co-op CU - Kingston Southwest Airlines FCU - Dallas, TX Get involved—see our website at: Kenya State Employees FCU - Albany, NY www.woccu.org Tennessee Teachers CU - Nashville, TN AFYA SACCO Society Ltd. - Nairobi As part of becoming a WOCCU Kenya Bankers SACCO Society - Nairobi Texas Dow Employees CU - Lake Jackson, TX Tremont CU - Braintree, MA Supporter, you will receive our Scotland current Supporters Report on Capital CU Trust - Edinburgh Tricorp FCU - Portland, ME Tropical Financial CU - Miami, FL CD ROM to show the many Dalmuir CU - Dalmuir accomplishments which United States Truliant Federal CU - Winston Salem, NC * United Indian CU - Dallas, TX are a direct result of your AEA FCU - Yuma, AZ contributions! 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* New Supporters since January issue of Credit Union World. List current as of March 20, 2003. ~ 21 ~ ird rly a DEADLINE International Credit EXTENDED Union Forum 2003 May 15, 2003 Join us “Down Under” for the International Credit Union Brisbane, Australia Movement’s most June 22-26 renowned meeting held in one of the World’s most exciting cities.

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