Chairman Johnson Welcomes
Russian Visitors to NCUA
Alexandria, Va. April 19, 2005 -- Chairman JoAnn Johnson today welcomed Vladimir Lukov, Deputy Director of Financial Policy in the Finance Ministry of the Russian Federation, and Vadim Kalinichev, General Director of the Russian Credit Union League, to NCUA headquarters.
Lukov and Kalinichev visited NCUA to get a first hand look at U.S. credit union supervision and regulation following a decade that marked the reemergence and rapid growth of credit unions in Russia.
“We always look forward to joining with our international regulatory counterparts to discuss best practices and operational issues for financial cooperatives,” said Chairman Johnson. “Russia has a number of challenges as it embarks on strengthening its financial sector. Emerging small businesses have limited access to capital. As Russia strives for a high quality financial sector and embarks on financial reform, credit unions can go a long way to help their members sustain prosperity over the long-term.”
Russia originally began forming credit unions in 1865. By 1916, 14,000 credit unions served 8 million members; however, by the mid-1930s Russian credit unions had ceased operation. After 60 years without a credit union system, in the 1990s credit union charters once again were issued, and today Russia has 529 credit unions with 250,000 members.
Working to improve the current credit union system within Russia, Lukov and Kalinichev are on a fact finding mission. They are conducting research and gathering information to assist with developing legislation to empower Russian credit unions as well as to enhance regulation and supervision to strengthen the credit union system and its ability to protect member savings.
At NCUA, Lukov and Kalinichev heard from primary departments concerning regulatory authority and processes, NCUA enforcement authorities, examination analysis methods, prudent management requirements, and the National Credit Union Share Insurance Fund.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 83 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
|
