Bolivian CU reps visit U.S. Central, Corporate One

LENEXA, Kansas and COLUMBUS, Ohio – U.S. Central and Corporate One FCU recently played host to Bolivian CU reps. The World Council of Credit Union’s (WOCCU) project director in Bolivia, Julio Fernandez, visited the two to get educated about the about the credit union industry in the U.S., and the roles corporates play in the industry. Accompanying Fernandez as a translator was Mr. Victor Miguel Corro, WOCCU’s program specialist for Latin America and Caribbean. They visited Corporate One and U.S. Central in late October. Fernandez and Corro met with various products and support staff, as well as management at both Corporate One and U.S. Central to familiarize Fernandez with central financial facilities. Fernandez has been working closely with the WOCCU to facilitate the development of credit unions to serve individuals in rural areas of Bolivia that today lack service from Bolivia’s national financial institutions. Fernandez is planning to establish Bolivia’s first corporate credit union to provide a facility for credit unions with excess funds to invest and earn a return, as well as a place for credit unions with tight liquidity to come for short-term loans. “Currently in Bolivia, credit unions have no choice but to place their excess funds with banks,” said Fernandez. “And banks in Bolivia generally do not pay credit unions interest on deposits. Seeing how U.S. Central works with its corporate credit union members to provide credit unions in the United States with the highest possible rates, makes me eager to return to Bolivia to begin my work.” Fernandez and Corro also visited the Ohio Credit Union League to learn more about credit union leagues.