Home > Pressroom > News Release: Bolivians meet with Ohio CU League

 

For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Visit from Bolivian Leaders Educates, Inspires Ohio CU League

Dublin, Ohio (July 29, 2008) – A contingent of credit union and bank leaders from Bolivia visited the Ohio Credit Union League on Monday as part of a continuing partnership between the League, Corporate One Federal Credit Union (Corporate One) and the World Council of Credit Unions (WOCCU).  Through an interpreter, League staff briefed their guests on the services they provide to the 427 credit unions in Ohio and the impact of state and national regulations on not for profit financial institutions in the United States.

Although located on two different continents, League officials and members of the Bolivian contingent quickly realized that the issues facing their respective financial institutions are similar in many ways, but also different.  Discussions surrounding deposit insurance revealed that Bolivian financial institutions are federally insured up to $5,000 and that they must ascertain a certain asset amount to garner federal insurance.  One service of particular interest to the foreign contingent was Shared Branching and the technology needed to become a CU service center.  Both groups discussed capitalization levels, including what level is considered adequately capitalized and how that is monitored in their respective regions.  Bolivian officials also shared how foreign federal legislation, such as The Patriot Act, has impacted their operations.

“This was a unique opportunity to learn from each other and share best practices,” said League President Paul Mercer.  “It was truly educational, and although there was a language barrier, we all speak the same language when it comes to serving our members in the best possible way.”

Both sides agreed to continue the discussion at some point in the future, including the possibility of a group from Ohio making a return trip to Bolivia.

During their visit to the United States, the group will also meet with representatives from Western Credit Union of Columbus, Ohio, CES Credit Union in Mount Vernon, Ohio, and Corporate One Federal Credit Union.  Kelly Schermerhorn, CEO of CES Credit Union and Kurt Lykens of Corporate One have previously visited Bolivia as part of a WOCCU delegation.  The group will also travel to Washington D.C. to meet with the National Association of State Credit Union Supervisors.

Participating in the meeting from Bolivia were Fernando Prado, Executive Secretary of ASOFIN, which specializes in micro financing; Reynaldo Marconi, General Manager of FINRURAL, an association of financial institutions serving rural populations; Marcelo Montero, Executive Secretary of ASOBAN, as association of private bankers in Bolivia; Vittorio Valdez Rocha, President of the ATC, a technical association representing 13 credit unions; Antonio Kierig, Executive Secretary of UNIVIV; and Rolando Salazar, Project Director of WOCCU – Bolivia, and Thom Belekevich, a consultant with WOCCU.

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The Ohio Credit Union League, with offices in Dublin, is a state trade association representing 438 credit unions. Credit unions are not-for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.6 million members. To learn more, visit www.OhioCreditUnions.org.