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CU System
WOCCU issues new global model for CUs
MADISON, Wis. (2/15/08)--Credit union leaders, policymakers and regulators can receive help implementing regulatory standards with the World Council of Credit Unions’ (WOCCU) new Model Regulations for Credit Unions. The regulations supplement the Model Law for Credit Unions, published in 2005. Model Regulations is based on examples of regulations assembled from numerous countries and from WOCCU’s international development experience. WOCCU research provided a policy framework for the 62-page guide, while other microfinance institutions contributed principles, said Dave Grace, WOCCU vice president of association services. “Credit unions in many countries do not have sufficient regulatory supervision,” Grace said. “WOCCU is providing the next step of guidance--model regulations to implement the laws they’ve created.” Model Regulations includes a CD-ROM with real-world examples of regulations from 18 credit union sectors. The guide will be distributed to participants at the Global Regulators’ Roundtable, scheduled for the 2008 World Credit Union Conference, July 13-16, in Hong Kong. For more information, use the links.
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