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How does creditor health affect the pass-through of monetary policy to households? Using data on the universe of U.S. credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset losses and high-frequency identification of monetary policy shocks. Weaker lenders can respond more if they face financial frictions that easing alleviates. The estimates imply constraints on monetary policy become more costly in financial crises featuring creditor asset losses and that an additional benefit of monetary easing is that it weakens the causal, contractionary effect of asset losses. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

This paper explores the timing of accountability, systematically examining 'accountability when?' in the context of Indonesian credit unions as member-based social enterprises. It examines pre, per, and post factum accountability within two credit unions whose missions focused on member empowerment. Primary data includes 10 focus group discussions and nine interviews with credit union members and management, government, and industry association representatives. Secondary data includes strategic and business plans of the two organisations. Findings reveal the importance of accountability timing, and associated power implications. Reflecting on the interrelated nature of pre, per, and post factum accountability practices highlights a circle of accountability; the linkage between these forms creating a virtuous circle. [ABSTRACT FROM AUTHOR]

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The continuing oil palm expansion on food security has prompted fierce debate. On one side, analysts argue that local community incorporation in the oil palm sector can increase food purchasing in the market. However, the expansion has also brought unprecedented consequences of losing highly nutritious food due to forest conversions. This study aims to analyze oil palm expansion and local food security in various regions in Indonesia by tackling the following questions: (a) Which factors influence palm oil expansion, and does foreign investment play a role? (b) How does palm oil expansion affect food security in Indonesia? Socioeconomic methods have been applied in this study, including a systematic literature review and qualitative interviews with key stakeholders from various domestic and international organizations. These two methods help us triangulate the academic literature findings with real-world situations as perceived by the actors in the related field. Results indicate that, firstly, foreign investors have not only made a direct investment to facilitate oil palm expansion, but also indirect financial intermediaries are held without holding financial equities to upstream oil palm companies (e.g., supply chain financing contracts, channeling using local financial institutions such as credit union). Secondly, while large corporations asserted monoculture oil palm expansions, some smallholding farmers use mixed cropland expansion to share food and oil palm crops in their own smallholding terms. With the oil palm expansion, farmers can secure a cash flow from palm oil, but an unintended outcome is less nutrition diversification, and often because of the distance to markets, some commodities are favored over a more diverse diet. The outcomes of oil palm development vary and are multifold, as some stakeholders report that some studies show improving cash flows at the farm level, but other studies insist that food insecurity still prevails. [ABSTRACT FROM AUTHOR]

Since 2002, Credit Union XYZ has been utilizing information technology in its lending operations. However, the utilization of IT governance has not been optimal due to various weaknesses, obstacles, and issues such as server problems, downtime for maintenance, system change requests, human resources, and recurring IT-related problems. This research aims to assess the current IT governance capabilities at Credit Union XYZ. The method used is the COBIT 5 standard with a focus on the APO and DSS domains tailored to the existing issues. Data were collected through questionnaires distributed to the IT team and relevant stakeholders. The selected COBIT 5 processes include APO06 (Manage budget and costs), APO07 (Manage human resources), DSS01 (Manage operations), DSS02 (Manage service requests and incidents), and DSS03 (Manage problems). The evaluation reveals a 1-level gap in IT governance capabilities, with the current level at level 2 in Credit Union XYZ, while the target is level 3 in the future. The researcher's recommendation to Credit Union XYZ is to align IT processes with the standards and regulations established by COBIT 5. [ABSTRACT FROM AUTHOR]

This paper explores the history of Dutch credit unions (credietvereenigingen). Launched to provide SME credit, these credit unions gradually drifted away from their original aims, hereby increasingly targeting a wealthier echelon of clients at the expense of their poorer customers. In the end, they were squeezed out of business by new, government-supported SME banks and the big commercial banks. This study is devoted to understanding why this drift occurred and how this ultimately determined the development of these institutions. Thereby, it deepens our understanding of the similar challenges faced by present day social enterprises (most notably microcredit institutions) which may also succumb to mission drift, and hints to possible solutions in which such drift may be prevented. [ABSTRACT FROM AUTHOR]

Purpose: In banking services, how customers interact with their bank – whether it's through the physical branch or online – plays a significant role in how they feel about the experience. It's not just about performing the service; it's also about building trust, keeping them committed and getting them engaged so that a long-lasting relationship is developed. While there's abundant research about trust and commitment in banking, not many studies have looked at how customers see both the online and offline sides of banking, especially in credit unions. Credit unions emphasize proximity with members, so it's important to understand how these different ways of interacting affect how much people trust the credit union and stay committed to it and how engaged they feel as members. This study aims to explore this issue. Design/methodology/approach: A quantitative survey was conducted using partial least squares structural equation modeling (PLS-SEM). The survey was answered by 195 members of one of the most traditional credit unions in Brazil. Findings: The results suggest that both face-to-face and digital channels' dimensions impact trust, which in turn influences commitment. Engagement is influenced by both trust and commitment, providing inputs to the value co-creation process. Originality/value: The research presents relevant contributions to academia by deepening the understanding of the role of different service channels in value co-creation and customer engagement. It also offers significant contributions to the cooperative, which can improve the member experience in interaction channels to consequently develop lasting relationships and stimulate the engagement of its members. [ABSTRACT FROM AUTHOR]

Background: Improving neighborhood walkability is critical for sustainable and livable urban development and is associated with increased physical activity. The Neighborhood Environment Walkability Scale-Abbreviated (NEWS-A) is a tool for assessing neighborhood walkability among adults. Currently, no Arabic version is available for this important walkability scale. Objective: To translate the NEWS-A to Arabic, culturally adapt, and pre-test it for adults. Methods: The NEWS-A was translated and culturally adapted using Crosscultural Survey Guidelines and then pre-tested using 65 households selected randomly from the neighborhoods of three districts in Riyadh. After answering the survey, 55 participants took part in a semi-structured cognitive interview, which sought their understanding of the words in the Arabic questionnaire, the clarity of each item, and their suggestions for improvement. Results: Translation and adaptation of NEWS-A to Arabic resulted in adding two items (mosque and healthcare center) to section B of the scale (stores, facilities, and other things in your neighborhood) and one related item to section C (access to services). The total individual items became 57 instead of the original 54 items in the English version. Also, we added "ATM machine" to item 14 (Bank/credit union) in section B. In addition, the overall results of the cognitive interview showed that most of the participants understood the intended meaning of the questionnaire (99.5%). Further, 99.8% of the respondents stated that the items were not difficult to comprehend, while 100% of the sample indicated that the sentences were comfortable and not sensitive to them. Conclusion: Translating, adapting, and pre-testing the NEWS-A resulted in retaining all the original items and adding three additional items. The Arabic NEWS-A provides an important tool for future research on neighborhood environment walkability among adults. [ABSTRACT FROM AUTHOR]

Irrespective of the promising opportunity to improve profit efficiency by at least 73%, microfinance institutions operating in Sub-Saharan Africa are efficient only for 27%, far below the average value. The conclusion is drawn after analyzing the profit efficiency of the microfinance institutions using the stochastic frontier approach applied to data obtained from 128 microfinance institutions operating in 34 Sub-Saharan African countries. The study results suggest the presence of uniform profit efficiency experience across time among microfinance institutions. Microfinance institutions operating in low-income countries and credit union form microfinance are economically more efficient than their counterparts. Furthermore, the profit efficiency of microfinance institutions is significantly affected by total assets, cost per loan, loan per staff, legal status, and the county's income group of microfinance. Notably, the profit efficiency of microfinance institutions is adversely affected by the presence of female borrowers and female loan officers suggesting that gender diversity plays a role in the efficiency of microfinance institutions. Finally, we recommend that the managing body of microfinance work more on improving labor efficiency, earning asset utilization, loan collection efficiency, women's involvement and the hottest technology implementation. [ABSTRACT FROM AUTHOR]

Credit union is considered as an alternative solution for global poverty and financial inclusiveness for social development. However, to achieve this goal, first and foremost a credit union must be sustainable. The purpose of this paper is to provide a systematic literature review on the key determinants of sustainability of credit unions and its measurements through comprehensive literature search and assessment based on the PRISMA-P guidelines. The findings reveal standard quantitative measures such as operations of self-sufficiency ratio, financial sustainability score, return on assets and pearl index (two studies qualitatively assessed governance structure and membership rate as measures). Additionally, key factors such as efficiency, loan management factors, deposit mobilization, portfolio at risk, credit risk, regulatory environment, and asset factors are significant determinants of sustainability of credit unions. The findings suggest a great need for complementarity of role and responsible conduct of the key stakeholders (members), staff, management and enabling regulatory environment for sustainable credit union. [ABSTRACT FROM AUTHOR]

This paper examines financial cooperatives (credit unions) in Ireland and their response to COVID‐19. The paper offers two contributions. The first is the Cooperative Resilience Framework, which highlights the importance of iterative, heuristic responses in building capabilities that enable routine‐based responses. These responses, in turn, avoid and absorb the effects of disruption in subsequent similar crises. The second contribution is empirical, demonstrating the how of resilience by offering a better understanding of how the credit unions' collective actions created dynamic, agile responses that helped them to "bounce forward" after the crisis. Key themes identified include agility, strong social relationships, and decentralized decision‐making (empowerment). [ABSTRACT FROM AUTHOR]

This Special Issue is based on a selection of papers initially presented at the conference on "Resilience and the Third Sector" (Institute of Public Sector Accounting Research, University of Edinburgh, November 2022). The third sector is pervasive in most societies and makes a distinctive and widely‐recognized contribution to the public good by building social capital, frequently affording a foundation for social cohesiveness. However, it is a fragile sector that is significantly affected by crises (the slings and arrows of outrageous fortune). These have the potential to curtail the capacity of third‐sector organizations (TSOs) to deliver societal benefits and, in the most extreme cases, even threaten their survival. Given this, the resilience of TSOs (albeit this term has multiple layers and manifold meanings) is critical. This paper explores a range of connotations linked to third‐sector resilience and explores contemporary evidence (including the papers in this Special Issue) as to how the sector identifies, manages, and learns from crises. In addition, it provides a brief outline research agenda as a basis for encouraging researchers to focus on resilience in TSOs and enhance knowledge. It is argued that more rigorous, evidence‐based research of this nature has the potential to positively influence practice in the sector, as well as policy formulation by government and others who steer TSOs. [ABSTRACT FROM AUTHOR]

The purpose of this study is to propose a model of satisfaction survey for a credit cooperative, taking into account social, cultural, economic and regional aspects. This article is applied, qualitative, bibliographic and exploratory. The research was carried out from a literature review, with the analysis of six articles that applied satisfaction surveys from the SERVQUAL, SERVPERF and NPS methods. The analysis of the articles showed that the three tools generate results for different segments, which led to the elaboration of a model questionnaire that covers the three methods. At the end, a satisfaction survey was proposed that deals with the understanding of the satisfaction of the members of a credit union so that it can manage the data and find out the possible improvements to be applied in the organizational environment. With the purpose of this study, it is expected that the application of a satisfaction survey in a credit union, using the developed questionnaire, will have better results for the application of marketing strategies in the cooperative. In the aforementioned questionnaire, the satisfaction survey was conceived from the union of the three tools discussed in the theoretical framework: SERVQUAL, SERVPERF and NPS. [ABSTRACT FROM AUTHOR]

Federal regulators in 2010 amended lending rules to allow federal credit unions (FCU) to originate short‐term, small‐dollar amount loans, with an annual percentage rate of up to 1000 basis points above the otherwise imposed interest rate ceiling of 18 percent. The purpose of the change in policy was to allow FCUs the ability to provide their members with an alternative to payday loans. We find the decision to originate these higher‐interest loans is primarily influenced by the characteristics of a credit union's environment. Credit unions located in minority neighborhoods and in markets with fewer traditional financial services are more likely to participate in the payday alternative loan program. Participation in the program is shown to improve earnings performance without adversely affecting participants' loan quality. These results suggest credit unions can provide lower‐priced alternatives to payday loans that are beneficial to members and their credit unions. [ABSTRACT FROM AUTHOR]

Drawing on techniques more commonly used to study changes within families over time, this paper highlights how holistic life course methods can help scholars conceptualize the dynamic nature of local built environments and measure impacts for families and communities. I use a novel dataset on the historical availability of banks, credit unions, and alternative financial services (AFS) between 2003 and 2015 to classify neighborhoods by their financial service trajectories using sequence and cluster analyses. I identify six distinct trajectories of financial service availability over the 13-year period; neighborhoods in these trajectories differ in terms of their socioeconomic and demographic characteristics. Descriptive multivariate analyses confirm that trajectories are linked to community outcomes at the end of the period; tracts exposed to AFS at some point over the 13 years are associated with higher predicted end-of-period poverty rates compared to both tracts that are only exposed to banks and credit unions and tracts that are chronic financial service deserts. Extensions of this approach to other aspects of the built environment are discussed. [ABSTRACT FROM AUTHOR]

Collaboration in interorganizational networks requires specific governance choices to align participants with collective goals. However, these choices often fail to mitigate conflicts and may catalyze tensions that lead to disaffiliation. This study investigates four critical tensions identified in existing literature: (1) efficiency versus inclusion in decision-making; (2) flexibility versus stability; (3) internal versus external legitimacy; and (4) unity versus diversity. Through a case study of a credit union that disaffiliated from a cooperative network, we explore how these tensions manifest and their repercussions on both the network's functionality and the behavior of its members. Our findings reveal that such governance tensions can be harmful both to the network and to the participating organizations. Tensions between unity and diversity, stability and flexibility, and external and internal legitimacy can compromise the effectiveness of the network and even hinder participating organizations in conducting their business. In extreme situations, these tensions contribute to the strategic decision to disaffiliate. This research extends theoretical understanding by delineating the specific impact of governance tensions on exit decisions within interorganizational networks. [ABSTRACT FROM AUTHOR]

Compared to C corporation banks, S corporation banks and credit unions are considered tax-exempt institutions, with credit unions receiving the greatest tax benefit. Institutions can choose to pass this benefit onto customers in the form of higher deposit rates and lower loan rates. We test this hypothesis by analyzing a dataset of 11 distinct deposit and loan products over 15 years and compare interest rates offered by depository institutions partitioned into three size groups. Overall, our results indicate credit unions offer higher deposit and lower loan rates compared to commercial banks, particularly for timed deposits (CDs), money market accounts, auto loans, and fixed unsecured loans. In contrast, S banks and C banks offer similar interest rates on most deposit and loan products. These findings generally hold across all size groups and differences become more pronounced when comparing larger credit unions to commercial banks. Notably, credit unions in the large size group offer better interest rates to customers for all products analyzed. [ABSTRACT FROM AUTHOR]