We Need More Credit Unions Involved in Ukraine Efforts

The day Russia invaded Ukraine, we began reaching out to Ukrainian credit unions, leaders of WOCCU and other credit union-related organizations with possible ties to Ukraine or Russia for comment about the status of credit unions in that region of the world.

We understand that our audience of credit union executives is incredibly focused on what happens in the U.S. and not really interested in what’s happening beyond the U.S. borders. But this particular issue felt very different and heavy to us.

For the record, WOCCU responded to an email I sent requesting comment within an hour with this quote from WOCCU President/CEO Elissa McCarter LaBorde:

“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.”

Roughly 30 minutes later, CUNA and WOCCU released a joint statement of support for Ukraine’s credit unions.

Included in the joint statement was a quote from CUNA President/CEO Jim Nussle and that same quote from LaBorde. None of this was unusual.

What struck me as unusual was an additional quote placed at the bottom of the emailed statement from LaBorde that said, “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.”

OK, WOCCU said they are apolitical. An odd thing to make clear at this point in time, but OK.

At the time I felt a little disheartened by that apolitical statement and wondered if we would hear much more from WOCCU about the military atrocities already being reported in Ukraine. The apolitical stance didn’t last long.

Four days later, WOCCU and the Worldwide Foundation for Credit Unions (WFCU) launched its campaign to support Ukraine’s credit unions, and by March 4, WOCCU officially condemned the Russian invasion and suspended “all engagements and activities with Russia across all its entities and initiatives.”

I appreciated the fact that WOCCU apparently saw that what was and is happening in Ukraine as absolutely political, and that steps needed to be taken to push back against supporting Russia in any way, however large or small those pushbacks might be.

In emails with WOCCU officials, we learned that LaBorde and SVP of International Advocacy Andrew Price pulled out of the Russian Credit Union League Conference, where they were scheduled to speak over Zoom during the conference in Moscow. WOCCU also rescinded a scholarship it gave to a young person in Moscow that would have covered all expenses for the person to attend WOCCU’s conference in Scotland later this year.

I do feel bad for that person who lost the scholarship, and for the millions of other Russians who are experiencing economic and social ramifications because of the actions of one man. Unfortunately, these are actions that must take place. Actions have consequences, even if the person these actions are targeted toward still has who knows how much money hidden and a $700 million yacht possibly docked in Italy at the moment.

Like WOCCU and its launch of the “Ukrainian Credit Union Displacement Fund,” other credit union officials around the country have announced their support for Ukraine since Russia began its invasion.

So far, the examples of support have ranged from statements to grassroots efforts to raise money for humanitarian aid.

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.”

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

Polish & Slavic Federal Credit Union (PSFCU) set up a special account at the credit union to which everyone can deposit donations. PSFCU officials said, “We encourage everyone to join us in this humanitarian effort. The entire amount of the collected funds will be sent to local charitable organizations providing direct assistance to Ukrainian refugees in Poland.”

PSFCU asked anyone willing to help to send a check made out to the John Paul II Foundation with “Donation for Ukraine Refugees” in the memo to the following address:

Polish & Slavic Federal Credit Union, Ukraine Refugees Relief Fund, 9 Law Drive, Fairfield, NJ 07004.

The Oklahoma City-based WEOKIE Federal Credit Union made a $5,000 donation to the Ukrainian Credit Union Displacement Fund. WEOKIE President/CEO Jeff Carpenter said, “We are honored to have this opportunity to support them as they fight for their freedom and to maintain the cooperative credit union movement. We will continue to send our thoughts and prayers for their safety and ultimate victory in this war.”

The Los Angeles-based California Credit Union also partnered with WFCU by offering a $100,000 donation match to the Ukrainian Credit Union Displacement Fund. California CU President/CEO Steve O’Connell said, “We have watched this tragic and unnecessary crisis unfold in Ukraine along with the rest of the world, and our hearts are with the brave Ukrainian people and all those impacted by this senseless violence. Partnering with the WFCU is one way we can support our Ukrainian credit union family along with impacted citizens and communities, and we encourage everyone to support this very important humanitarian cause.”

We Florida Financial Credit Union in Margate, Fla., donated $25,000 to the displacement fund. “It’s our honor to support the efforts of our fellow financial institutions in providing much needed relief to the Ukrainian credit union system,” President/CEO Robert Ramirez said.

A coalition of Oregon credit unions raised more than $67,000 to support the displacement fund and Oregon-based Mercy Corps, a group of humanitarians currently on the ground in Ukraine, Poland and Romania. Aaron Goff, president/CEO of Clackamas Federal Credit Union in Milwaukie, Ore., has been part of the fundraising efforts and said, “It is critical that the global community oppose the atrocities currently happening in Ukraine. Oregon credit unions stand together with credit unions around the globe in support of the people of Ukraine.”

Clackamas FCU and 14 other credit unions in the area are participating in the fundraising efforts.

The Northwest Credit Union Foundation contributed another $10,000 for the Ukrainian Displacement Fund, as well.

There are other examples of support and fundraising happening around our credit union system, and I encourage you to seek out those incredibly helpful opportunities on behalf of your credit union.

From our reporting so far, it appears making donations directly to the Ukrainian Credit Union Displacement Fund can provide the most direct, effective and timely help.

It has been encouraging to watch these fundraising announcements come in. It’s been disheartening to watch the Russian military cause death and destruction in a nonsensical war being directed by a person whose country has tormented Ukraine for more than 100 years in atrocities that can only be compared to the Holocaust, if not much worse.

What can U.S.-based credit unions do? Add themselves to the growing number of credit unions listed above that have taken a stand. Being apolitical isn’t an option here.

Michael Ogden is editor-in-chief for CU Times. He can be reached at mogden@cutimes.com.