Ukraine Credit Unions Receive Support From Industry Leaders

Hours after Russian forces invaded Ukraine on Thursday, the leaders of CUNA, the World Council of Credit Unions (WOCCU) and NAFCU issued statements of prayers and wishes for peace as deadly violence spread across the Eastern European country.

CUNA President/CEO Jim Nussle and WOCCU President/CEO Elissa McCarter LaBorde issued a joint statement Thursday of support, not only for the Ukrainian people, but also for the entire system of Ukrainian credit unions in the U.S. and abroad.

“America’s credit unions stand united with the Ukrainian American Credit Union Association (UACUA) and in expressing our deep desires for peace within Ukraine,” Nussle said. “The threat of escalating violence would further destabilize the country and displace millions more. We are praying for a swift end to hostilities in the region.”

Nussle added, “UACUA represents 12 credit unions in the United States that serve over 100,000 members with close ties to family and friends in Ukraine. When the time comes, we anticipate Ukraine’s credit unions and UACUA will play a critical role in shoring up financial security for the people of Ukraine, and we will be ready to lend our support.”

LaBorde said, “World Council of Credit Unions (WOCCU) is extremely concerned about the safety and well-being of our member credit union associations in Ukraine and the individual credit unions and members they serve. We stand ready to support the Ukrainian National Association of Savings and Credit Unions (UNASCU) and the All-Ukrainian Association of Credit Unions and are in regular communication with them during this crisis.”

“WOCCU is an apolitical organization focused on promoting financial inclusion through credit unions everywhere, all of which share the same purpose of maximizing the economic benefit of their members,” she said.

NAFCU President/CEO Dan Berger said, “Russia’s invasion of Ukraine is not only an attack on innocent lives and a clear violation of the country’s sovereignty, but a direct threat to democracy across the globe.

“NAFCU stands with the Ukrainian American Credit Union Association – the 12 Ukrainian American credit unions and their more than 100,000 members – who have family, friends and colleagues in their home country. With over $4 billion in combined assets, these credit unions play an important role in the American economy. We join them in support of the Ukrainian people and our U.S. leaders and allies as they move to swiftly hold Russia accountable.”

Berger added, “The entire NAFCU organization believes in the principles of peace, prosperity and freedom. As always, we will remain a helpful resource for the entire credit union community and their members as markets across the world undoubtedly respond to these reckless actions.”

According to the UACUA’s website, the Ukrainian American credit unions are primarily concentrated in California, Connecticut, Illinois, Maryland, Massachusetts, Michigan, Ohio, Pennsylvania, New Jersey and New York. “The membership of the Ukrainian ethnic credit union movement in the United States, Canada, Australia and Ukraine is approaching 200,000 family memberships,” the website stated.