WOCCU Highlighted By U.S. Congressional Leaders

February 25, 2004

Madison, WI—Congressional leaders highlighted the World Council of Credit Unions' (WOCCU) efforts during the CUNA Governmental Affairs Conference (GAC) this week in Washington, DC. Senator Paul Sarbanes, D-Maryland, ranking member of the Senate Committee on Banking, Housing and Urban Affairs and co-author of the Sarbanes-Oxley Act pointed out World Council's IRnet program, which provides affordable international money remittance services to the GAC audience. Noting it is just one of the services that credit unions bring to people in need. "Access to the financial mainstream is a key first step to economic citizenship."

Rep. Ed Royce, R-California also mentioned WOCCU's work in his remarks. Royce is the ranking member of the International Relations Committee and chairman of the Subcommittee on Africa. He noted that the World Council, CUNA and the California Credit Union League have sent members to countries such as Uganda, Kenya, Rwanda and South Africa to develop credit union movements. Royce stated, "I am proud of your efforts. Credit unions are helping the future of more than 120 million members around the world." He continued, "You are helping families save their hard earned money to buy homes, cars and invest in education." Royce also spoke to the U.S. Movement on risk based capital standards and its importance in regulations. Royce stated, "It gives credit unions the same right as other institutions to thrive and grow their business."

Arthur Arnold, WOCCU president and CEO shared, "We are excited about the attention given to international credit union development, WOCCU's IRnet and risk based capital at this year's CUNA Governmental Affairs Conference. Both Sarbanes and Royce have helped to expand the reach of credit unions with their support. CUNA's GAC is a great model of how credit union leaders can successfully influence law makers while conveying the wishes of their constituents." Over 3,500 credit union leaders participated in the GAC.

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 300+ technical assistance programs in 89 countries. Worldwide, 68,882 credit unions in 109 countries serve 235 million people. Learn more about World Council's impact around the world at

Phone: (608) 395-2000