WOCCU Members Visit Key International Standards Setting Bodies to Advance Financial Inclusion

BASEL, Switzerland —The World Council of Credit Unions (WOCCU), together with representatives from Australia, Canada, Poland, and the United States, made a sweep through three countries to visit with key International Standard Setting Bodies. The group also visited key influential European regulatory bodies to urge support for the credit union cooperative model, noting the important role that it plays in accomplishing financial inclusion around the world. WOCCU has been active with the G20 urging further direction to the international standard setting bodies to work more closely with national-level regulators on proportionality, which allows for proper tailoring of rules to maximize the benefit of the cooperative model in serving rural, underserved, and marginalized communities. International standards are often intended to apply to large, internationally active banks. Failure to allow for smaller, less complex financial institutions can lead to a lack of diversity in the marketplace that is essential for ensuring access to affordable and responsible financial services for all. 

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