A time to reflect
It’s the last edition of the year. A time to reflect. This year I am reflecting on the history of the credit union movement. In particular how the cooperative model and credit unions have always shined as a solution to the economic struggles of those who have been marginalized or are in underserved communities. From the potato famine in Germany during the 1800’s where the modern credit union model is widely believed to have started, to the United States where the modern framework was adopted during the 1930’s as a response to the Great Depression. More recently we have seen remarkable work by credit unions in response to genocide in Rwanda, to post-earthquake recovery in Haiti and there are many, many others. Policy makers have always turned to our cooperative model as a way to address these economic struggles.
It is precisely that history of the credit union model that lends itself uniquely to being able to respond to disasters that gives me optimism for 2023. Yes, our industry and the world at large will struggle under rising inflation, the likely global recession, post pandemic related issues, and many other events that will bring hardship on many people. Times will be difficult, but if history is our guide, credit unions and the cooperative model will be needed as the catalyst for the recovery. We should take a moment this holiday season to reflect and celebrate this unique and special model.
WOCCU Urges Proportionality in FSB’s Cyber Incident Reporting Standard
The World Council of Credit Unions urged the Financial Stability Board to consider the impact of it’s proposed revisions to international standards trying to achieve greater convergence in cyber incident reporting. The comments came as part of the FSB’s consultation seeking to strengthen and harmonize frameworks surrounding operational resilience and the desire to increase efforts to reign in the effects of cyber incidents.
World Council agreed strongly with aspects of the consultation that are designed to get at the core roots and causes of cyber incidents. It acknowledged that the findings of the FSB that cyber incidents are growing in frequency and sophistication and the risk of contagion across borders and sectors due to the growing interconnectedness of the financial system is likewise increasing. It also noted that the FSB’s focus on increasing the sharing of timely and accurate information is well placed to create a system that is effective for incident response, recovery and promoting financial stability.
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