Elissa McCarter LaBorde speaks at Champions’ Voices Sunday night in Washington, D.C. (Credit/WOCCU)
Last week, the World Council of Credit Unions (WOCCU) learned that the funding it had counted on for three international development projects from USAID had been terminated as a result of the agency’s decision to slash more than 90% of its total award portfolio.
But it didn’t take long for the credit union movement to step up and begin replenishing some of those lost funds. On Sunday night during the Worldwide Foundation for Credit Unions’ (WFCU) Champions’ Voices event, held during America’s Credit Unions’ GAC in Washington, D.C., WFCU launched a new campaign called “Rally the Movement.” The initiative has already raised $832,325 toward its $1 million goal.
“Friends don’t leave friends stranded and credit unions don’t leave their members stranded. And we have members as the World Council of Credit Unions that we do not want to leave stranded in this most critical time, where we need more global leadership, not less,” WOCCU President/CEO Elissa McCarter LaBorde said in her Sunday night remarks. “And we need all of us: associations, leagues, system partners, credit unions, individuals who care about the issues we care about to step up and help us rally the movement.”
WOCCU had been utilizing USAID funding to implement three projects in seven countries, and said it will use Rally the Movement donations to sustain some level of development work in three of those countries – Ukraine, Guatemala and Kenya – in the immediate future.
During Champions’ Voices, an annual event dedicated to celebrating global impact and rallying support for the future of financial inclusion, several WFCU contributors spoke in support of the new campaign and encouraged donations.
Susan Mitchell, WFCU Board member and CEO of Mitchell, Stankovic and Associates, who asked for Rally the Movement donations during her company’s Underground Collision event at the Hay Adams Hotel in Washington, D.C. earlier Sunday, said, “When you have the kind of vision that credit unions do, shame on us, if we don’t sustain it. We have to stand up. We just frigging have to stand up!”
WFCU presented Mitchell, along with ORNL Federal Credit Union ($4.1 billion, Oak Ridge, Tenn.) and the Cornerstone Credit Union League with its inaugural Global Good Award Sunday night.
Cornerstone League Foundation Executive Director Courtney Moran pledged support to Rally the Movement in her acceptance speech.
“I ask you to join us. This is what it’s all about. Not to get cheesy, but this is cooperation among cooperatives. This is what Edward Filene envisioned,” Moran said. “This is our time. This is what we do. We band together and that’s why we also include the Worldwide Foundation on Cornerstone League dues’ statements, not only to show our support, but also to show our credit unions – this is important to us, so it should be important to you.”
CU Times asked America's Credit Unions if it planned to contribute money to the Rally the Movement campaign. A spokesperson for the trade group said, "America's Credit Unions is supporting our partner WOCCU as the only dues paying member on behalf of U.S. credit unions," adding that it "remains steadfast as a partner and ready to support advocacy efforts in line with their strategy."
When asked if America's Credit Unions is for or against the defunding of the USAID-supported credit union projects, the spokesperson responded, "America’s Credit Unions cannot make strategy calls with projects WOCCU is working on but will provide support on advocacy efforts. Additionally, Elissa McCarter LaBorde was invited to our ACU board meeting on Saturday and we had robust dialogue in support of WOCCU and their project work that is focused in the best interest of credit unions and our cooperative principles."
In a statement to CU Times, Defense Credit Union Council (DCUC) Chief Advocacy Officer Jason Stverak said DCUC also "stands ready to assist WOCCU through our advocacy efforts."
"While we have not received a formal request for collaboration from the World Council, we firmly believe in the need to continue advocating for improved legislation and regulation within the global credit union system," Stverak said. "We recognize WOCCU’s programs play a large part in strengthening the financial performance and expansion of credit union outreach. Ultimately, these efforts contribute to the broader credit union movement, reinforcing our shared commitment to meeting the financial needs of communities worldwide."
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