THE globe

NORTH WALES, U.K.—Credit unions in Wales are saying it is “impossible” to compete with payday lenders and their much larger marketing budgets, even though the government has provided funds to credit unions as part of an effort to raise their profile.

ACCRA, Ghana--The Associated Teachers' Cooperative Credit Union Limited (ATCCUL) held its annual general meeting with a call on members to “regard savings as a matter of great sacrifice from the little income they earn monthly,” according to a report on Ghana Web.

PAYNESVILLE, Liberia--The "In God We Trust" Multi-Purpose Credit Union (IGWMPCU) here has introduced a number of new products that it said are designed to “uplift its members and improve their livelihood.”

MADISON, Wis. — The World Council of Credit Unions is calling for nominations for its 2015 Distinguished Service Award (DSA), to be presented at the World Credit Union Conference, July 12–15, 2015, in Denver. T

MEXICO CITY, Mexico-The failure of a credit union that had 98% of its loans out to one company here has led to losses for more than 6,000 members.

MADISON, Wis.—The World Council of Credit Unions has sent a comment letter to the Basel Committee regarding its “Corporate Governance Principles for Banks,” indicating it supports the guidance in most respects but that it remains “concerned” are that some elements of the proposal could be read by supervisors as requiring unreasonably burdensome compliance requirements on smaller credit unions with limited staff resources.

LONDON--Seventeen credit unions have been awarded a total of £1m in grants from Lloyds Banking Group through its Credit Union Development Fund. Nearly 100 credit unons from across the U.K. had applied for funding during 2014, before the final group was selected.

MONROVIA, Liberia—In the wake of the Ebola crisis in this country, regulators have taken a number of steps that seek to revitalize the rural economy. The Central Bank of Liberia, working with the Rural Community Finance Institutions (RCFIs), the Liberia Credit Union National Association, and the National Apex of the Village Savings and Loan Associations (VSLAs) to broaden access to finance for rural Liberia.

BLANCHARDSTOWN, Ireland—A credit union member here is accused of stealing more than €940,000 in cash from a credit union over 10-year period before being discovered.

LONDON—This U.K.’s financial regulator has formally approved the Church of England to form a credit union.