REXBURG, Idaho–A delegation of representatives from Moldova spent time here visiting with credit unions as part of a week-long trip.
The visit follows a trip earlier this year to the poor Eastern European country by Shane Berger, president and CEO of Beehive Credit Union, and others from Idaho’s CUs who told the Rexburg Standard Journal that CUs in the country are still in their infancy and are limited in what they can do.
Berger told the publication that because banks in Moldova are only located in large cities, and most of the country is made up of small villages, many Moldovans have no access to financial services. The result is that rich people who have money to lend take advantage of the lack of financial services in villages and charge exorbitant interest rates on unregulated loans.
The trip the Moldovan credit union executives and board members took to Idaho this week is part of a partnership established through the World Council of Credit Unions. It comes after representatives from four Idaho credit unions visited Moldova earlier this year.
According to the Rexburg Standard Journal, the Moldovans had visited Idaho Central Credit Union, Idaho State University Credit Union and East Idaho Credit Union, before finally visiting with Beehive Credit Union in Rexburg to observe a portion of the CU’s board meeting.
“They are here to exchange ideas with us and to learn more about the credit union system here in the United States,” Will Hall, vice president of the Idaho Credit Union League, told the Standard Journal.
Berger said the Moldovans who participated in the trip paid for most of it, but credit unions from around Idaho were also able to raise money to help fund some of the expenses.
“Hopefully, through the exchange of ideas, we’ve helped one another,” Berger said. “I hope we’ve helped the Moldovan people.”
The CEO of a central Moldovan credit union told the Standard Journal he was uncertain that they could identically mimic in Moldova how U.S. credit unions do things.
“But there are many things we can learn from you and implement,” an interpreter translated.