Credit unions as the catalyst for rebuilding
WOCCU International Advocacy releases 2023 Global Regulatory Update
MADISON, WI (January 18, 2023) — The ability of credit unions to weather financial shocks draws consumers to them during times of crises—something regulators must recognize and allow for to help the world recover from the current climate of economic uncertainty.
That’s the theme of World Council of Credit Unions’ (WOCCU) 2023 Global Regulatory Update, which 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.
“International standard setters are beginning to understand the critical role that credit unions play in providing responsible and affordable financial services. 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,” said Andrew Price, World Council Senior VP of Advocacy and General Counsel.
Price and Panya Monford, WOCCU Assistant General Counsel of Advocacy, co-authored this year’s report.
World Council’s Global Regulatory Update is put out on an annual basis 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.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 82,758 credit unions in 97 countries serve 404 million people. Learn more about World Council's impact around the world at www.woccu.org.
