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WOCCU Urges Increased Proportionality in Inter-US/Canada Regulations

World Council urged both the United States and Canada to adopt proportional approaches to regulations and not adopt a “one-size-fits-all” approach that increases burdens for smaller financial institutions such as credit unions that often lead to higher costs, reduced services and reduced growth as part of the strategy to improve trade relationships that will benefit both Canada and the United States.

These comments came were made on a Request for Information from the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget’s (OMB) for the United States-Canada Regulatory Cooperation Council (RCC) on the respective country’s efforts to reduce unnecessary regulatory differences between the United States and Canada.

WOCCU noted that the member-owned not-for-profit structure of credit unions that returns their earnings directly to their members warranted sucha a proportional approach and would lead to better aligned regulatory systems, greater integrated economies, and improved trade relationships.

A copy of the letter can be viewed here.