The 2023 Global Regulatory Update is published by WOCCU International Advocacy.
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WISDOM, MADISON —Consumers turn to credit unions during crises because of their ability to withstand financial shocks; regulators must acknowledge and permit this in order to aid in the world's recovery from the current state of economic uncertainty.
That is the focus of the 2023 Global Regulatory Update from the World Council of Credit Unions (WOCCU), which emphasises the significance of WOCCU and other credit union associations throughout the world communicating this dynamic to policymakers in the upcoming challenging year.
International standard-setters are starting to recognise the crucial part credit unions play in offering ethical and reasonably priced financial services. This is a major force behind inclusive and durable growth all across the world. According to Andrew Price, Senior VP of Advocacy and General Counsel for the World Council, "credit unions will be able to be the catalyst for rebuilding coming out of the pandemic and throughout an anticipated global recession if regulatory frameworks are shaped to help maximise this potential."
The report for this year was co-written by Price and Panya Monford, WOCCU Assistant General Counsel of Advocacy.
Annually, the World Council releases its Global Regulatory Update to assist credit unions and financial cooperatives in being ready for the compliance concerns that are most likely to affect them in the next year. The updated edition also addresses additional significant regulatory concerns impacting credit unions worldwide, such as:
1. G20 Financial Inclusion and.
2. AML/CFT stands for anti-money laundering and countering the financing of terrorism.
3. Climate Change, Sustainable Finance, and
4. Payments.
5. Technology and cybersecurity.
The World Council of Credit Unions serves as a platform for credit union development on a worldwide scale. In order to give people access to high-quality and reasonably priced financial services, World Council promotes the sustainable growth of credit unions and other financial cooperatives globally. The World Council works with national governments to enhance legislation and regulation and represents the global credit union system before international organisations. Through its technical support programmes, credit unions can improve their financial performance and broaden their reach by using new tools and technologies.
