MADISON, Wis.—The World Council of Credit Unions’ (WOCCU) is calling on the G20 to adopt language in its 2024 Leaders’ Declaration that embraces a proportional tailoring of regulations that will enable credit unions to continue increasing financial inclusion across the globe.
WOCCU included the recommendation in a letter to Brazil’s G20 Presidency, which will hold its Summit in Rio de Janeiro November of this year.
The World Council noted the Summit’s theme of “Building a Just World and a Sustainable Planet” highlights the world’s commitment to fair agreements that promote global economic and social development and the reduction of inequality worldwide.
“Each year, the G20 Leaders’ Declaration has more influence on financial regulatory guidelines issued by international standard setting bodies than anything else,” Erin O’Hern, WOCCU International Advocacy and Regulatory Counsel, said in a statement. “We want to make sure support for the proportional treatment of credit unions and other community-based financial cooperatives is embedded in that document, so WOCCU member institutions can continue to play a critical role in providing financial services to more underserved communities worldwide.”
Call for Proportionality
WOCCU also stated in its letter that proportional regulatory policies conducive to “increasing financial literacy and consumer protection, bridging the digital divide among vulnerable populations and reducing inequalities are all key to an equitable future.”
The World Council noted it has made the issue a priority, and has joined with many of its G20 members to urge their respective finance ministers to support this effort as well.
“The G20 has heeded WOCCU’s call to address financial inclusion in past years’ declarations, and specifically last year, where they embraced proportionality included in the newly adopted sustainability disclosures issued by the International Sustainability Standards Board (ISSB),” WOCCU added.
A copy of WOCCU’s April G20 comment letter can be viewed here.
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