We operate locally, yet our markets have globalized.
Market forces are driven by global events. Credit unions worldwide face the same challenges, including pressures for greater efficiency, investments in technology, and compliance issues.
As a global community with shared values, we have the opportunity to learn from each other, and the power to speak in one voice.
World Council solicits views from its member countries and represents credit unions before global standard setters, whom national legislators and regulators increasingly follow in their rule-making.
For example, the Bank for International Settlements in Basel, Switzerland, sets capital and liquidity standards, which shape national regulations. The Financial Action Task Force sets the anti-money laundering standards national regulators must enforce.
The International Accounting Standards Board and Financial Accounting Standards Board set accounting standards. And their agendas are set by the Group of 20 (G20).
We have greater voice as a global community representing many countries and millions of members. When we knock at the door, the standard setters invite us to the table.
We see adjustments, footnotes, and accommodations for credit unions and financial cooperatives. International policymakers more thoughtfully consider the damaging impact that rules made to control large international banks can have when applied to community or smaller institutions such as credit unions.
We stand for and defend this global community that we are all building.
BRIAN BRANCH is CEO of the World Council of Credit Unions.