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CUNA Volunteer Speaks on Importance of CU Regulation to Paraguay Congress

2009/10/08

Michael Edwards, CUNA Counsel for Special Projects, volunteered to take part in a credit union lobbying mission on behalf of WOCCU and Paraguayan credit unions in Asuncion, Paraguay. CENCOPAN, WOCCU's member in Paraguay, is currently lobbying the Paraguayan National Congress to demonstrate the importance of having and keeping their credit union-specific regulation. In August, CENCOPAN came to WOCCU with the need of providing a US credit union expert to speak to in front of their national congress about the US regulatory framework.

In October, Michael Edwards made the almost 24-hour journey down to Asuncion, Paraguay, jumping planes from Panama, Brazil and then finally onto Paraguay. After resting a day, Edwards traveled to the parliament building to give his presentation to the national congress on US government credit union supervision. During his presentation, Edwards touched on the causes of the current US financial crisis, the US dual-charter system, the federal deposit insurance fund and examination procedures.

Besides his meeting with the national congress, he also spoke with INCOOP, the Paraguayan cooperative regulator, about the benefits of on-site credit union examinations. He also met with Cooperativa Universitaria and Cooperativa 30 de Agosto during his visit.



Source: WOCCU


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