By Suzanne Boniface
We sit day to day in our positions working to our wonderful abilities to support our credit unions and the credit union movement in he USA. Today I listened so attentively to stories from seven credit union executives from Azerbaijan who talked about a credit union movement that was destroyed many many years ago in their country, but since their country is now in independent formation again, the credit union movement is back, but in an infancy stage of development. These gentlemen are determined to succeed, and that is why they have traveled to the U.S. for two full weeks of intense credit union education. But I felt like I had taken a step back in our history.
As they quickly shared their stories, the same theme appeared. The oldest credit union in this new country began in 1998. At least two started in 2005. Top membership of the seven was now at about 1,100, one which started in 1999. It now had assets of $700,000. Many were formed and continue to assist 'internal displaced people' of that country. Some talked about the continuing existence of land mines outside their doors. The history was familiar; a same amount of founding members, maybe 14 or 15, pooling together money to begin, maybe $4,000. It sounded like paragraphs right from the history pages of ValleyStone Credit Union, which began 70 years ago.
The chairman of the Azerbaijan Credit Union League, Elchin, explained about his lobbying efforts on behalf of these credit unions. Out of 75 existing credit unions, 55 are members of the league. Credit unions in that country are prohibited from having savings accounts. Banks can have savings accounts. He continues to lobby for that as well as tax exemptions.
It appeared they were relieved that ValleyStone's beginning was similar in assets, founding members, and size and that we have grown in assets, membership and products. Really, 70 years really isn't that long ago considering the age of our country.
Our visitors were very attentive for the five hours they spent with us. They absorbed all they could through the use of an extremely busy interpreter who very rarely struggled for the right translation. Elchin expressed their sincere and deep appreciation for this country's willingness to share the day-to-day pieces of what has made our credit union movement as successful as it has been. We expressed our happiness of being able to share. But, that is who we are, people helping people!
Continue to check www.umassfive.com for updates and pictures on their visit, as well as www.shoutcu.wordpress.com as our visitors continue to experience and learn from several credit unions and the Massachusetts Credit Union League over the next 10 days!
Suzanne M. Boniface is VP/marketing for ValleyStone Credit Union and chief blogger for Shout out to Credit Unions, a blog on the importance of telling the CU story.
