WOCCU and Worldwide Foundation for Credit Unions headquarters in Madison, Wis.
In a matter of a days after the Trump Administration issued a freeze on USAID funding and projects across the world, the World Council of Credit Unions (WOCCU) announced Friday that it let go more than half of its employees.
An email to CU Times from WOCCU President/CEO Elissa McCarter LaBorde confirmed the devastating ramifications to the organization from the funding freeze.
McCarter LaBorde stated, “Like all implementing partners of USAID under stop work orders, this week we have had to begin taking more steps to minimize expenses and protect our cash reserves in case of non payment. So yes we had to let go a significant number of our field-based staff, and furlough or move part time some US based staff.”
She continued, “All together it is over half our total employees that have been impacted, unfortunately.”
The financial implications of the USAID funding freeze were quickly realized by McCarter LaBorde. On Monday, Feb. 3 as USAID offices were locked to employees, McCarter LaBorde sent a letter to the new U.S. Secretary of State Marco Rubio asking him to honor “existing obligations of funding” while the government reviews all foreign aid programs.
“At WOCCU, we believe in foreign assistance programs that deliver measurable, long-term benefits for both the developing world and the American people,” the letter stated. “However, the nature of this sudden blanket freeze on aid has put organizations such as ours in a precarious financial and legal position, and it has put our employees — American citizens here and abroad — at significant personal risk.”
As the week wore on and 10,000 USAID employees around the world were dismissed, it became apparent to WOCCU officials that drastic measures had to be taken.
In her email to CU Times, McCarter LaBorde did offer a possible glimmer of hope if the U.S. Government (USG) can provide some kind of relief – albeit, that hope is long shot.
“We hope to resume and rehire, if we have some more indication that USG will reimburse, and/or the stop work orders are concluded within the 90 days we have been told. But as you know, the news is not promising,” she concluded.
WOCCU listed 30 people on its website as either WOCCU employees or Worldwide Foundation for Credit Unions employees. CU Times has not yet learned the exact positions impacted by Friday’s announcement.
In an editorial written by McCarter LaBorde and published by CU Times on Wednesday, she warned:
“Simply put, if WOCCU is no longer able to strengthen the global credit union system with the help of U.S. Government funding, the U.S. credit union system will never be quite the same.
“For over four decades, WOCCU’s international project work has strengthened the overall credit union system and supports stronger regulatory frameworks worldwide. The strength of our international system and the global impact data on an aggregate basis directly helps WOCCU advocate in front of international standard setters for proportional regulations, including those that will carry over to the U.S.”
According to WOCCU's latest annual report for 2023, it showed that USAID provided $7.57 million, or 99%, of its $7.66 million in development grant revenue. The group's total revenue was $16.62 million.
CU Times has plans to speak with McCarter LaBorde at length next week to provide more context and a clearer picture on the impacts the USAID funding cuts have had on WOCCU at that time.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
