World Council Applauds Tailored EU Credit Union Regulations
European Network of Credit Unions holds meeting with EU Parliamentarians
November 12, 2019
BRUSSELS—The European Network of Credit Unions (ENCU) met this week with some key Members of the European Parliament (MEPs) to discuss challenges facing credit unions in the European Union (EU)—and some key regulatory items coming up in the Parliament’s new legislative term.
Eight European credit union associations and the World Council of Credit Unions (WOCCU) comprise the ENCU, which serves as a platform to exchange information between countries—and speaks with one voice on European matters.
"Providing appropriate regulatory frameworks that recognise the unique cooperative structure of credit unions is essential to allowing them to continue to provide underserved and rural areas that are in desperate need of access to responsible credit,” said MEP Billy Kelleher (Ireland), co-chair of the European Parliament Credit Union Interest Group.
One of the key regulatory items ENCU discussed with the Interest Group was the European Deposit Insurance Scheme (EDIS), which may serve as a backup to national level regulations on deposit insurance.
“We applaud the EU’s efforts so far in supporting the credit union system. We note that globally, where appropriate frameworks are adopted, credit unions are remarkably successful in providing inclusive economic growth for their citizens. We hope the EU continues on its current path of tailoring regulations appropriate for credit unions,” said Andrew Price, WOCCU Vice President of Advocacy.
Representatives of the Irish League of Credit Unions (ILCU), National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, Estonian Union of Credit Cooperatives (EUCC), Albanian Savings and Credit Association (SCA), North Macedonia's FULM Savings House, the Latvian Co-operative Credit Union Association (LKKSS), and the Dutch Association of Cooperating Credit Unions (VSK) were also in attendance. They shared their views with MEPs on how European Union policy can provide regulatory relief and allow credit unions to thrive in Europe.
World Council of Credit Unions is the global trade association and development platform 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, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.