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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]

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 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]

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]

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]

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]

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]

In the process of implementing the principles of credit union, credit union certainly focuses on the importance of realizing social and Human Development. (World Council of Credit Union's (WOCCU), 2007). In achieving this goal, the Indonesian credit union is required to implement the provisions of the Ministry of Cooperatives and SMEs on the implementation of Cooperative Health Level examination No. 9 of 2020, the research Model used is an instrumental case study, this is used to make it easier for researchers to review the data on cooperative health examination results for 3 (three) years (Amir H, 2020). For the risk profile indicator, it is good that can be done by CU Madani is to continue to mitigate periodically if the discovery of risks that occur so that the small risk does not become a big risk. Provision of briefing to employees before the service needs to be applied so that events that may have not been resolved yesterday can be discussed and find a solution together. [ABSTRACT FROM AUTHOR]

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Firm structure affects incentives and performance. We document significant differences in subprime lending between banks and credit unions prior to and during the Great Recession. In 2006, 23.6% of mortgages from commercial banks were subprime versus only 3.6% of mortgages from credit unions. Moreover, banks were more likely to fail, and had higher delinquency and net charge-off ratios immediately following the financial crisis. Our empirical models control for important differences between credit unions and banks including firm-level characteristics, borrower-level characteristics, and state-level economic conditions. We argue that the remaining difference captures the effects of credit unions' nonprofit and cooperative structure, which encourages them to internalize the utility of their customer-owners. Our findings explain why credit unions often appear more risk averse relative to commercial banks, a result with important research and policy implications. (JEL G12, G31) [ABSTRACT FROM AUTHOR]

This study aims to analyze the benefits of developing Knowledge Management strategies in an effort to improve the performance of MSMEs. Another aspect that receives attention in this paper is the role of credit cooperatives and the government as a catalyst for a joint movement to improve and strengthen the role of MSMEs in the regional economy. The method used is descriptive-qualitative with a literature study approach. The author tries to explore various sources related to the material of this writing. From the results of the literature study, it was found that the implementation of knowledge management needs support from credit cooperatives and local governments. The cooperative is a joint forum for MSME players to help each other in reducing various costs in the MSME business process. Meanwhile, the government is an important entity in ensuring the implementation of various government programs for the empowerment of cooperatives and MSMEs and ensuring that the implementation of various regulations relating to MSMEs is carried out carefully and on target. [ABSTRACT FROM AUTHOR]

Audits are essential because of the separation of ownership and control in modern economies. Shareholders or owners delegate resources to management in order to enhance their wealth under this arrangement. Therefore, they want the agents to provide authentic, precise, and impeccable reports. Therefore, research evaluated the effect of auditor independence on the performance and the moderating effect of firm size on the relationship between auditor independence and the performance of deposit-taking SACCOs in Kenya. The study was based on Agency theory. The study used a descriptive survey research technique. The study used primary data collected using structured questionnaire. A sample size of 223 was selected by a simple random sampling method from a target of 504. Descriptive and inferential statistics were used to examine the data using the SPSS 26 software. The R2 of 0.512 suggests that 51.2% of the variability in the financial performance can be accounted for by the auditor's independence. Firm Size increased the R2 to 0.714 an indication that it is a significant moderator on the relation between internal audit independence and performance. For each one-unit rise in Sacco size, the impact of Auditor's Independence on financial performance increases by 0.222 units substantially (P=0.000). The study concluded that Sacco size has a significant moderator in this study. The study recommended that Saccos should tailor their strategies and internal audit processes based on their size. Larger Saccos may benefit from more robust auditor independence measures and closer scrutiny of financial performance indicators. [ABSTRACT FROM AUTHOR]