CUES Launches School Of Risk
MADISON, Wis.-The Credit Union Executives Society has introduced the CUES School of Risk Management in collaboration with the Risk and Insurance Management Society Inc. (RIMS), New York. "This intense, two-day, interactive workshop will cover the essentials of enterprise risk management (ERM) and outline how attendees can begin the process in their own credit unions," CUES said.
The program will be held in two locations: Atlanta, May 4-5, and Denver, June 1-2. Day one of the workshop will include an ERM overview, while day two will introduce a bottom-up risk identification process that will help credit unions develop a broad risk management program.
For info: www.cues.org.
Planning Think Tank Created
ABERDEEN, Md.-Aberdeen Proving Ground hosted the inaugural workshop sponsored by the Credit Union Business Continuity Planning [CUBCP] Think Tank. This workshop, titled "Pandemic Planning, the Credit Union Way," featured speakers representing the Department of Homeland Security, NAFCU, Maryland Department of Health and Mental Hygiene, Office of Preparedness Response, and county officials. The "think tank" was conceived by APGFCU CEO Don Lewis as a means of ensuring continuation of services in the event of a catastrophe.
Twenty-five CU leaders from the Maryland/DC market attended the session. The CUBCP Think Tank was formed in 2007 to address issues associated with business continuity.
South Korea CUs Centralize IT
SEOUL, South Korea-South Korea's 994 credit unions have begun using a single, centralized IT system to serve their combined five-million members. The switchover was made at year-end 2008.
The first credit unions migrated to the new IT system in early December during a visit by Dave Grace, World Council of Credit Unions' (WOCCU) VP-association services, and Kris Kim, VP/controller for Motorola Employees Credit Union (MECU) in Schaumberg, Ill.
According to WOCCU, the most visible byproduct of the credit unions' efforts is a unified marketing program that positions the cooperatives under one common brand. South Korean credit unions still operate as individual, member-driven financial cooperatives, but their position in the markets they serve rival those of the largest banks.
After 50 years, South Korea's CUs now serve 13.5% of the country's population, with the country ranking third in size of membership (5 million), after the United States (88.5 million members) and Canada (10.9 million members).
Kenya CU Regulations Updated
NAIROBI, Kenya-Legislation has been signed into law here by President Mwai Kibaki designed to regulate and support the country's credit unions, known as savings and credit cooperatives, or SACCOs.
The bill follows several years of efforts by World Council of Credit Unions (WOCCU), the Kenya Union of Savings and Credit Co-operatives Ltd. (KUSCCO), WOCCU's member organization, and the Pennsylvania Credit Union Association (PCUA) and several of its member credit unions.
According to WOCCU, the new legislation provides updated frameworks for SACCO safety and soundness, as well as for the services they offer, enabling them to compete on more even footing with the country's banks. The law, which stalled in Parliament for three years, grants the establishment of a regulatory authority for the country's cooperative societies that provide savings and credit services to millions of Kenyans.
New regulations will establish a deposit guarantee fund, require SACCOs to meet certain liquidity requirements to remain competitive and enable SACCOs to offer money transfers and diversify revenue sources, WOCCU said.
