World Council of Credit Unions (World Council), the European Network of Credit Unions (ENCU), and the European Union Credit Union Parliamentary Interest Group (EUCUPIG) in two separate letters called for regulatory relief to allow credit unions in the European Union to play a critical role in the response to the COVID-19 pandemic. Credit Unions have a history of providing critical services through disasters, emergencies and other disruptions by providing direct assistance to their members.
With proper regulatory relief, credit unions have the ability to advance financial inclusion during the pandemic. These community-based cooperatives provide services to households, SMEs and vulnerable groups that face a number of obstacles in accessing credit, particularly during this crisis.
This call for regulatory relief came in a series of letters with the ENCU letter signed by five Members of the European Parliament (MEPs) also members of the EUCUPIG::
- MEP Billy Kelleher (Co-Chair of EPCUIG - Ireland)
- MEP Paul Tang (Vice-Chair of EPCUIG – The Netherlands)
- MEP Frances Fitzgerald (Ireland)
- MEP Barry Andrews (Ireland)
- MEP Caroline Nagtegaal (The Netherlands)