BRUSSELS–The European Network of Credit Unions met with members of the of the European Parliament (MEPs) to discuss challenges facing credit unions in the European Union (EU)—and some key regulatory items coming up in the Parliament’s new legislative term.
Eight European credit union associations and the World Council of Credit Unions (WOCCU) comprise the ENCU, which serves as a platform to exchange information between countries—and speaks with one voice on European matters, WOCCU noted.
"Providing appropriate regulatory frameworks that recognize the unique cooperative structure of credit unions is essential to allowing them to continue to provide underserved and rural areas that are in desperate need of access to responsible credit,” said MEP Billy Kelleher (Ireland), co-chair of the European Parliament Credit Union Interest Group.
Key Issue Discussed
According to WOCCU, one of the key regulatory items ENCU discussed with the Interest Group was the European Deposit Insurance Scheme (EDIS), which may serve as a backup to national level regulations on deposit insurance.
“We applaud the EU’s efforts so far in supporting the credit union system. We note that globally, where appropriate frameworks are adopted, credit unions are remarkably successful in providing inclusive economic growth for their citizens,” said WOCCU VP-Advocacy Andrew Price. “We hope the EU continues on its current path of tailoring regulations appropriate for credit unions.”
Representatives of the Irish League of Credit Unions (ILCU), National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, Estonian Union of Credit Cooperatives (EUCC), Albanian Savings and Credit Association (SCA), North Macedonia's FULM Savings House and the Latvian Co-operative Credit Union Association (LKKSS) were also in attendance, sharing their views with MEPs on how European Union policy can provide regulatory relief and allow credit unions to thrive in Europe, WOCCU said.