The World Council of Credit Unions took stock of the many issues that arose during 2023 and the role of International Advocacy in shaping regulations to grow and strengthen credit unions. Notably, World Council notes advocacy victories in the following areas:
- The G20 including proportionality in the Leaders’ Declaration on Sustainability Standards;
- Presenting at the United Nations on the role of credit unions and cooperatives in advancing financial inclusion;
- The inclusion of WOCCU advocated proportionality measures in the ISSB’s inaugural climate risk and sustainability disclosures;
- The inclusion of the support of financial inclusion in the G20 Leaders’ Declaration (and the corollary role that credit unions can play in advancing financial inclusion); and
- Various victories with the European Union on Basel III, payments, operational resilience, and others.
These advocacy victories directly result in the ability of the credit union cooperative model to be supported by appropriately tailored regulatory frameworks that enable credit unions to thrive.
World Council continues to be the only organization representing credit unions at the international standard setting level. The involvement in these issues is informing World Council’s outlook on various issues that will receive attention in 2024 including, climate change, payments, cybersecurity, cryptocurrencies and others.
World Council’s 2024 Outlook and 2023 Year-end Summary can be viewed here.