WASHINGTON–While meeting in the nation’s capital, it is only natural credit unions focus most of their attention on Washington. But there are other capitals and cities where decisions are made that have strong implications on CUs, according to one person.
Speaking to CUNA’s GAC, Elissa McCarter LaBorde, president and CEO of the World Council of Unions, said there are strong reasons for paying attention to what takes place outside the United States.
“There are two reasons why what we do on advocacy really matters to you,” said McCarter Laborde. “I know you focus on local communities in the U.S., as you should, but if we didn’t know before what happens globally comes back to impact us locally, we know it now” (following the Russian invasion of Ukraine).
McCarter Laborde told the meeting the World Council focuses on the international standards-setting bodies such as the G20 and the Basel Committee in order to ensure the credit union voice is heard. It’s those types of bodies, she noted, that put policies in place that then “come back to the United States.”
For example, NCUA’s risk-based capital comes from the Basel standards. The CECL rule comes out of the International Accounting Standards Board.
The Need to Grow
“The second reason what we do on the global stage matters is we have to grow this movement. It means growing and deepening the kinds of services we provide to every community in need,” said McCarter Laborde. “We have 400-million (member) touchpoints (globally), but we need more. Unless we are growing and innovating we can’t get a seat at the table with the big policy-setters and regulators. We need to make sure our voices are heard and that financial inclusion is first and foremost on everyone’s agenda.”