TORONTO — Sustainability of the financial cooperative business model, the application of prudential capital standards in light of the new the Basel III capital accord and the relative merits of various supervisory risk rating systems were just three of the topics discussed during the Regulators' Roundtable, the annual event of the International Credit Union Regulators' Network (ICURN) held this week in Toronto, Ontario, Canada. Attendees tackled tough issues with the goal of developing guidance for supervision, corporate governance and regulatory capital in the coming year.
At this year's meeting, 64 regulators from 17 countries responsible for the supervision of more than 15,000 financial cooperatives shared their experiences and exchanged ideas to enhance the prudential supervision of such institutions. Regulators from Australia, the Bahamas, Brazil, Canada, El Salvador, Guatemala, Haiti, India, Ireland, Kenya, Lesotho, Mexico, Peru, Poland, Singapore, the United Kingdom and the United States were in attendance. Representatives from World Council of Credit Unions, which serves as ICURN secretariat, and the German Cooperative and Raiffeisen Confederation also participated in discussions. The Deposit Insurance Corporation of Ontario (DICO) hosted the conference.
In addition to the topics mentioned above, participants in the three-day meeting discussed capital and liquidity requirements, interest rate risk management and governance issues. Presenters reviewed the expectations of governance regimes, desirability of enterprise risk management at the institutional level and emerging risks financial cooperatives face in a changing economic environment. Regulators also shared their experiences over the past year on supervisory challenges in their respective systems.
"The meeting has been a great initiative for credit union supervisors around the world to discuss common issues and challenges and how different jurisdictions are responding to these challenges," said ICURN Chair Andy Poprawa, DICO CEO. "The supervision of credit unions and other financial cooperatives around the world continues to be strong, thus contributing to their safety and soundness."
ICURN is an independent international network of credit union regulators that promotes the guidance given by the leaders of the Group of 20 nations for greater international coordination among financial services regulators. ICURN facilitates the sharing of information and positions of common interest among financial cooperatives, initiates research on financial cooperatives and their oversight, identifies best practices and provides direct access to an exclusive forum for thought leaders worldwide on issues critical to sound credit union regulation.
ICURN was formed in 2007 and currently has members in 30 countries and jurisdictions. A steering committee of representatives from six regions across the world leads ICURN.
For more information about ICURN, visit www.CUregulators.org.
World Council of Credit Unions is the global trade association and development agency 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 more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.