Newsroom

Russia early Thursday morning launched a wide-ranging attack on Ukraine’s borders, hitting bases with airstrikes and igniting panic among civilians. Explosions were heard before dawn in the capital Kyiv and other surrounding cities, with Ukraine’s foreign ministry saying Russia’s attack is a "full-scale war."

Russian President Vladimir Putin announced in a televised speech overnight that the attack was to protect civilians in eastern Ukraine and warned that any foreign interference would "lead to consequences you have never seen in history." Ukraine’s leaders are now mobilizing to brace for a full invasion. President Joe Biden condemned Putin’s announcement and actions saying that "President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering."

NAFCU is working with the Ukrainian American Credit Union Association (UACUA) to do what is possible to help credit union members amid the ongoing situation. 

“Russia’s invasion of Ukraine is not only an attack on innocent lives and a clear violation of the country’s sovereignty, but a direct threat to democracy across the globe,” stated NAFCU President and CEO Dan Berger. “NAFCU stands with the Ukrainian American Credit Union Association -- the 12 Ukrainian American credit unions and their more than 100,000 members -- who have family, friends, and colleagues in their home country. With over $4 billion in combined assets, these credit unions play an important role in the American economy. We join them in support of the Ukrainian people and our U.S. leaders and allies as they move to swiftly hold Russia accountable.”

Of note, in response to the current events, the NCUA issued a joint statement with the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), the FBI, and the National Security Agency (NSA), encouraging credit unions of all sizes and their cybersecurity teams to “adopt a heightened state of awareness and to conduct proactive threat hunting.” The agencies noted that credit union leaders should remain alert on critical cyber attacks and take urgent steps to mitigate its likelihood and impact to credit unions.

The NCUA also highlighted its Automated Cybersecurity Evaluation Toolbox (ACET) which may help credit unions to sell-assess their cybersecurity preparedness.

“The entire NAFCU organization believes in the principles of peace, prosperity and freedom. As always, we will remain a helpful resource for the entire credit union community and their members as markets across the world undoubtedly respond to these reckless actions,” concluded Berger.

NAFCU will continue to monitor the situation and keep credit union members informed on the latest on this conflict.