MADISON, Wis.—The G20 has adopted the G20 Bali Leaders’ Declaration, with the World Council of Credit Unions (WOCCU) saying the decision supports its advocated focus on financial inclusion.
WOCCU reported that it and its G20 member credit union associations conducted significant outreach in 2022, urging representatives of the G20 to encourage international standard setting bodies to work more closely with national-level regulators on proportionality, which will allow credit unions to have more of an opportunity to increase financial inclusion. “That advocacy work contributed to the Basel Committee issuing its High-level Considerations on Proportionality, with guidance on tailoring the Basel III Framework,” the World Council stated.
Reaffirming Commitment
According to WOCCU, the Leaders’ Declaration reaffirmed the G20s commitment to enhancing the financial inclusion of vulnerable and underserved segments of society by endorsing several policies, including the G20 Financial Inclusion Action plan.
“These policies support the adoption of enabling and proportionate legal and regulatory frameworks.
The Leaders’ Declaration also gives direction to international standard setting bodies on various policy matters,” WOCCU said. “This support ultimately will assist WOCCU in convincing national-level regulators to tailor regulations for the size, risk and complexity of credit unions.”
WOCCU added the proportionality is critical to having regulatory frameworks “right-sized” for credit unions, while limiting unnecessary regulatory burdens that often prevent credit unions from reaching underserved markets.
Proportionality is ‘Key’
“Credit unions can play a critical role in reducing inequalities around the world, but only if their community-based, member-owned, cooperative model is allowed to function properly. Proportionality is key to our success. We welcome the G20 recognition of this approach,” said Andrew Price, WOCCU Senior Vice President of Advocacy and General Counsel.
A copy of the Leaders’ Declaration can be viewed here.
Every Morning. The Freshest CU Headlines. For You. For Free. Or Your Money Back
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.