The Worldwide Foundation for Credit Unions (WFCU) has launched a fundraising campaign to support international development work by the World Council of Credit Unions (Woccu).
The call comes after the US Agency for International Development (USAID) terminated all funding for Woccu’s projects as part of its decision to eliminate more than 90% of its total award portfolio, following executive orders to slash public spending by the Trump administration. Woccu had been running three projects in seven countries with funding from USAID.
To help Woccu continue its international development work, WFCU has launched Rally the Movement, a campaign aiming to raise US$3m. The campaign, which has already raised more than $800,000, was launched at WFCU’s Champions’ Voices annual event celebrating global impact.
Woccu will use donations to the Rally the Movement campaign to sustain some level of development work in Ukraine, Guatemala and Kenya in the immediate future.
“Friends don’t leave friends stranded and credit unions don’t leave their members stranded,” Elissa McCarter LaBorde, Woccu president and CEO said at the event. “And we have members as the World Council of Credit Unions that we do not want to leave stranded in this most critical time, where we need more global leadership, not less.
“And we need all of us: associations, leagues, system partners, credit unions, individuals who care about the issues we care about to step up and help us rally the movement.”
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The Champions’ Voices event also saw the launch of the inaugural Global Good Award, during which three outstanding contributors to WFCU were recognised: Susan Mitchell, WFCU board member and CEO of Mitchell, Stankovic and Associates (MSA); ORNL Federal Credit Union and the Cornerstone Credit Union League.
“When you have the kind of vision that credit unions do, shame on us, if we don’t sustain it,” Mitchell said during her acceptance speech “We have to stand up.”
“I ask you to join us,” said Courtney Moran, executive director of the Cornerstone League Foundation. “This is what it’s all about. Not to get cheesy, but this is co-operation among co-operatives. This is what Edward Filene envisioned. This is our time. This is what we do. We band together and that’s why we also include the Worldwide Foundation on Cornerstone League dues’ statements, not only to show our support, but also to show our credit unions – this is important to us, so it should be important to you,” she added.
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To show their solidarity, attendees also places gladiolus flowers into vases on stage to visually demonstrate the collective strength of the credit union movement.
Attendees also learnt about WFCU’s programmes in Mongolia, Barbados and Ukraine, which touch on on financial access, women and youth empowerment, and economic recovery in conflict-affected regions.
“I would just say as I close, as Elissa articulated, it’s time for us to rally,” said Mike Reuter, WFCU president. “I hope each of you, in whatever way possible – spreading the word, digging deeper into your pockets – to help us continue our important international credit union development work, please rally the movement. This is a critical time for World Council, for the Worldwide Foundation, for our entire international system. We appreciate anything and everything you can do to support us during this existential threat and crisis.”
Meanwhile, the Trump administration has issued an executive order that disbands agency advisory committees on community banks and credit unions.
The order eliminates the Advisory Committee on Community Banking, the Consumer Financial Protection Bureau’s Academic Research Council, and the Credit Union Advisory Council.
The community banking committee consisted of 18 community bankers who advised the agency on a range of topics affecting the sector.
