INDIANAPOLIS—The Indiana Credit Union League and the trade group representing Dominica’s credit unions have signed an agreement they say is designed to foster innovation.
The agreement spans areas of technical cooperation, sharing of best practices and strategic initiatives to benefit both movements, the organizations said. It was signed by ICUL CEO John McKenzie, and Phoenix Belfield, general manager of the Dominica Co-operative Societies League.
The signing occurred during a visit by Dominican credit union execs who met with CUs in Washington, D.C., Wisconsin and Indiana as part of the third phase of a three-prong collaborative approach facilitated by World Council of Credit Unions (WOCCU).
“The delegation from Dominica benefited from strategic planning sessions and training with executives from the ICUL, Wisconsin Credit Union League and several of the organizations' member credit unions,” said WOCCU. “They learned strategies and practices related to agricultural lending, local micro-finance and adaptation, financial positions and risk analysis.”
Delegation Visits Island
In September 2018, World Council President and CEO Brian Branch led a delegation of Indiana league members on a historic visit to Dominica, as part of WOCCU’s efforts to help the country’s credit union movement recover from Hurricane Maria by rebuilding resilient systems through technical empowerment.
The Worldwide Foundation for Credit Unions raised more than $200,000 through its Caribbean Disaster Relief Fund to assist Dominica and the Dominica Credit Union movement. WOCCU noted it also partnered with the Caribbean Confederation of Credit Unions (CCCU) in providing support to the government of Dominica by providing tents and chairs to assist in the reopening of schools.
“We have been very impressed by the dedication and efforts of the leaders of the DCSLL and Dominica’s credit unions,” said McKenzie in a statement. “They are advancing the crucial role of credit unions to help families and individuals in Dominica build a stronger financial future. We were pleased to assist them through our delegation going to their country in September and hosting them in Indiana this week, and look forward to the continuing partnership.”
Cooperation Emphasized
Belfield emphasized the importance of cooperation among different credit union systems regardless of their geographical distance.
“Cooperation among cooperatives should not be a cliché, but rather concrete actions rooted on the core ideology of cooperativism. The solidarity shown to the Dominica movement by the Indiana League and the other strategic partners of the World Council and the Caribbean Confederation of Credit Unions demonstrates that geographical boundaries pose no hindrance to fostering greater ties,” said Belfield in a statement. “The wealth of experience and knowledge of the ICUL will provide immeasurable benefits to the credit union movement in Dominica in the areas of compliance, advocacy, corporate governance and strategic planning, and enhanced best practices.”
The ICUL is comprised of 154 credit unions with an aggregate membership of 2.5 million members and assets equaling $27.9 billion. The DCSLL has a consolidated membership of 76,130 members from six credit unions and combined assets of $326 million.