Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Uzbekistan CUs adopt new development strategy
MADISON, Wis. (1/28/11)--The Credit Union Association (CUA) of Uzbekistan adopted a new development strategy for 2011 Saturday at its annual general meeting. The new strategy is mostly based on the requirements and tasks set out in an Uzbekistan President’s Resolution of Nov. 26, said Nizomiddin Muradov, CEO of World Council of Credit Union’s (WOCCU) member organization in Uzbekistan. CUA is member of WOCCU and a fast-growing system, said Dave Grace, WOCCU vice president of association services. It was started as a WOCCU development program and today serves more than 150,000 citizens. “This is a success story for WOCCU and exactly what we like to see,” Grace said in August, when 12 members of the Central Bank the Republic of Uzbekistan arrived at WOCCU’s Madison headquarters to explore best practices and strategies. “Despite being only an eight-year-old movement, Uzbekistan’s credit unions have excellent capital, very little delinquency and an extremely strong structure. They’re helping bring a solid middle-class tier to the country’s economy” (woccu.org/newsroom Aug. 25). In regard to credit unions, the resolution outlines significant roles of credit unions to be played along with other nonbanking financial institutions in the country’s financial sector from 2011 to 2015. The resolution describes how priorities should be given to:
* Maintaining stability and effectiveness of their activities in accordance with international norms and standards; * Expanding scope of products and services provided by credit unions; and * Institutionalizing the financial market infrastructure.
The resolution also stipulates the necessity to improve regulatory and supervisory functions over the performance of nonbanking credit organizations--including credit unions--by developing and introducing obligatory economic measures and norms. Together with the Uzbekistan Central Bank and other organizations and agencies, CUA will be involved in:
* Reviewing the law on credit unions and making appropriate changes to improve credit unions’ activities and supervisory functions; * Developing a national rating system for evaluating credit unions; * Reviewing and improving interest-rate policy used by credit unions and microcredit organizations that should increase availability of services offered, and maintaining adequate rates of return; * Developing the Central Bank’s regulations: on corporate governance in credit unions, on basic requirements of operational policies and procedures for credit unions, on requirements of liquidity management, on proper management of loan portfolio by credit unions, on classification of assets by risks in credit unions, on defining and determining criteria for unsound and unsafe activities of credit unions, and on external auditing requirements; * Improving accounting and financial reporting in credit unions; and * Developing and improving the inspection procedures and methods of analysis of credit unions’ activities.
Other Resources

RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago