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Va. league Baltic CU systems sign agreement
LYNCHBURG, Va. (6/24/10)--The Virginia Credit Union League has signed an agreement that encourages information sharing between the league and the credit unions serving the Baltic nations of Estonia, Latvia and Lithuania.
Click to view larger image Representatives of the Virginia Credit Union League's Partnership Committee celebrate the signing of the league international agreement to encourage information sharing between the league and the credit union systems in Estonia, Latvia and Lithuania. From left are Joe Thomas, CEO, Fairfax County FCU; Alison DeTuncq, CEO of the UVA Community CU; Juri Valdov, retired CEO of Northwest FCU and chairman of the committee; and Rick Pillow, league president. (Photo provided by the Virginia Credit Union League)
The first Baltic Summit, held June 22, brought together credit union leaders from all three Baltic nations for a series of presentations on growing the credit union movement in the region and how best to share resources and information to better penetrate each market. Topics discussed included the newly formed Baltic Services Co., a venture spearheaded by the Estonian Union of Credit Cooperatives, three of its member institutions, the Virginia league and others to provide Estonian credit unions with access to the central banking system for Eastern Europe. The company could serve credit unions in Latvia and Lithuania. (See related News Now story "Estonia, Virginia form central banking system company.") "This agreement better positions our partner credit unions in Estonia for success, ensuring they're able to learn from the successes of credit unions in Latvia and Lithuania, while also being able to cooperative work toward solutions to shared challenges," said league President Rick Pillow. The league and the Estonian Union of Credit Cooperatives have had a formal partnership since 2008 through the World Council of Credit Unions' International Partnerships Program. The new information-sharing agreement among the league and the three Baltic nations' credit union systems marks the first formal international agreement between such organizations signed in Eastern Europe, said the league. The league said the partners hope the agreement will lead to positive legislation and regulation for the credit unions in the three nations, training for credit union staff, new marketing opportunities, and more efficient operations.
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