MADISON, Wis.— The World Council of Credit Unions’ (WOCCU) has released its 2023 Global Regulatory Update in which it makes the case that the ability of credit unions to weather financial shocks draws consumers to them during times of crises, something WOCCU said “regulators must recognize and allow for to help the world recover from the current climate of economic uncertainty.”
The report further stresses how important it is for WOCCU and other credit union associations around the globe to “articulate this dynamic to policymakers during what promises to be a difficult year ahead.”
The ‘Critical Role’
“International standard setters are beginning to understand the critical role that credit unions play in providing responsible and affordable financial services,” said Andrew Price, World Council Senior VP of Advocacy and General Counsel. “This is a key driver for inclusive and resilient growth around the world. Shaping the regulatory frameworks that help maximize this potential will allow credit unions to be the catalyst for rebuilding coming out of the pandemic and throughout an anticipated global recession.”
Price and Panya Monford, WOCCU Assistant General Counsel of Advocacy, co-authored this year’s report.
The Subjects Covered
The World Council said it publishes its Global Regulatory Update to help credit unions and financial cooperatives prepare for the compliance issues most likely to impact them in the year ahead. The new edition also covers several other leading regulatory issues affecting credit unions across the globe, including:
- The G20 and Financial Inclusion
- Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
- Payments
- Sustainable Finance and Climate Change
- Cybersecurity and Digitization.
The report can be read by clicking here.
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