MADISON, Wis. -World Council of Credit Unions Board Chairman L.R. (Bobby) McVeigh and Interim Chief Executive Officer Brian Branch were invited by Iranian CUs to meet in Iran to discuss the credit union system. Credit unions in Iran have operated under the supervision of the Ministry of Cooperatives and are now coming under the additional scrutiny of the Central Bank. There are currently 1,600 credit unions in Iran servicing five million members. According to WOCCU, after the Islamic Revolution and fall of the Shar, commercial banks in Iran were nationalized. Personal financial services were difficult for most people to access, but credit unions grew very fast. Most CUs in the country are small closed bond groups of less than 5,000 members, but some are also very large with state of the art technology. WOCCU officials traveled to Iran in February to study how credit unions there are practicing democratic exercise and providing financial services in the Iranian Islamic Banking environment. WOCCU is currently building CUs in other Islamic environments in Philippines, Afghanistan and Uzbekistan. WOCCU officials have pledged to assist the Iranian credit unions with adjusting to the process of increased supervision. “Credit unions develop as the democratic expression of people seeking to help themselves in all environments around the world,” said Branch.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.