WOCCU Advocates for CUs on Taxation and Appropriate Regulation Before the UN

Geneva – As part of the United Nations (UN) Year of Microcredit, the UN is preparing guidance for policymakers around the world on what actions should be taken to create inclusive financial systems. The World Council of Credit Unions, Inc. (WOCCU) was one of a select group of non- governmental agencies invited to the two-day meeting in Geneva to discuss the issues with central banks, ministries of finance, donors and senior representatives of the World Bank and International Monetary Fund.

As the UN prepares its policy statement to be released to all governments later this year by the UN General Secretary Kofi Annan, WOCCU served as the sole voice for ensuring that governments develop wise public policy as it relates to the role of credit unions in building inclusive financials systems.

"We continue to encounter officials within ministries of finance and central banks that are unsure how to address the unique aspects of credit unions," indicated Dave Grace, WOCCU's senior manager of Association Services. "Taxation, appropriate regulatory and supervisory structures and remittances by credit unions are all topics that are being debated and will be addressed in the United Nation's forthcoming guidance to government policy makers on building inclusive financial systems. Credit unions have always been active advocates for consumers at the local and national levels. As more standards are emanating from global organizations, WOCCU is advocating at a global level."

In addition to the meeting in Geneva, WOCCU has submitted a written submission to the UN and was selected as one of the few organizations being interviewed in depth to help shape the policy guidance. The policy guidance from the UN will be geared toward policy makers in developing countries but is also intended to be applicable to developed nations as well.

El Consejo Mundial de Cooperativas de Ahorro y Crédito es la asociación gremial y agencia de desarrollo para el sistema internacional de cooperativas de ahorro y crédito. El Consejo Mundial promueve el crecimiento sustentable de las cooperativas de ahorro y crédito y otras cooperativas financieras en todo el mundo a fin de facultar a las personas para que mejoren su calidad de vida a través del acceso a servicios financieros asequibles y de alta calidad. El Consejo Mundial realiza esfuerzos de defensa activa en representación del sistema global de las cooperativas de ahorro y crédito ante organizaciones internacionales y trabaja con gobiernos nacionales para mejorar la legislación y la regulación. Sus programas de asistencia técnica introducen nuevas herramientas y tecnologías para fortalecer el desempeño financiero de las cooperativas de ahorro y crédito y profundizar su alcance comunitario.

El Consejo Mundial ha implementado 290 programas de asistencia técnica en 71 países. A nivel mundial, 51,000 cooperativas de ahorro y crédito en 100 países atienden a 196 millones de personas. Obtenga más información sobre el impacto global del Consejo Mundial en www.woccu.org.