The ability of credit unions to weather financial shocks draws consumers to them during times of crises—something regulators must recognize and allow for to help the world recover from the current climate of economic uncertainty.

That’s the theme of World Council of Credit Unions’ (WOCCU) 2023 Global Regulatory Update, which stresses how important it is for WOCCU and other credit union associations around the globe to articulate this dynamic to policymakers during what promises to be a difficult year ahead.

“International standard setters are beginning to understand the critical role that credit unions play in providing responsible and affordable financial services. This is a key driver for inclusive and resilient growth around the world. Shaping the regulatory frameworks that help maximize this potential will allow credit unions to be the catalyst for rebuilding coming out of the pandemic and throughout an anticipated global recession,” said Andrew Price, World Council Senior VP of Advocacy and General Counsel.

Price and Panya Monford, WOCCU Assistant General Counsel of Advocacy, co-authored this year’s report.

World Council’s Global Regulatory Update is put out on an annual basis to help credit unions and financial cooperatives prepare for the compliance issues most likely to impact them in the year ahead. The new edition also covers several other leading regulatory issues affecting credit unions across the globe, including:

• The G20 and Financial Inclusion.
• Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
• Payments
• Sustainable Finance and Climate Change.
• Cybersecurity and Digitization.

You can read World Council’s 2023 Global Regulatory Update in its entirety by clicking here.