MEPs ask EU regulators for more support for credit unions amid pandemic
BRUSSELS - The European Union Credit Union Parliamentary Interest Group (EUCUPIG) and its MEP supporters, issued a formal appeal calling on national regulators and central banks to ensure that credit unions are provided sufficient support during the current crisis.
20 May 2020
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, small to medium enterprises (SMEs) and vulnerable groups that face a number of obstacles in accessing credit, particularly during this crisis.
The appeal was co-signed by a cross-party group of MEP champions of the credit unions movement in Europe:
- 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); and
- MEP Caroline Nagtegaal (The Netherlands).
European Network of Credit Unions holds meeting with EU Parliamentarians
12 November 2019
BRUSSELS — The European Network of Credit Unions (ENCU) met this week with some key Members of the European Parliament (MEPs) to discuss challenges facing credit unions in the European Union (EU)—and some key regulatory items coming up in the Parliament’s new legislative term.
Eight European credit union associations and the World Council of Credit Unions (WOCCU) comprise the ENCU, which serves as a platform to exchange information between countries—and speaks with one voice on European matters.
"Providing appropriate regulatory frameworks that recognise the unique cooperative structure of credit unions is essential to allowing them to continue to provide underserved and rural areas that are in desperate need of access to responsible credit,” said MEP Billy Kelleher (Ireland), co-chair of the European Parliament Credit Union Interest Group.
One of the key regulatory items ENCU discussed with the Interest Group was the European Deposit Insurance Scheme (EDIS), which may serve as a backup to national level regulations on deposit insurance.
“We applaud the EU’s efforts so far in supporting the credit union system. We note that globally, where appropriate frameworks are adopted, credit unions are remarkably successful in providing inclusive economic growth for their citizens. We hope the EU continues on its current path of tailoring regulations appropriate for credit unions,” said Andrew Price, WOCCU Vice President of Advocacy.
Representatives of the Irish League of Credit Unions (ILCU), National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, Estonian Union of Credit Cooperatives (EUCC), Albanian Savings and Credit Association (SCA), North Macedonia's FULM Savings House, the Latvian Co-operative Credit Union Association (LKKSS), and the Dutch Association of Cooperating Credit Unions (VSK) were also in attendance. They shared their views with MEPs on how European Union policy can provide regulatory relief and allow credit unions to thrive in Europe.
ENCU Welcomes New Members from Croatia and Moldova
24 May 2019
BRUSSELS — The European Network of Credit Union has welcomed to new members, the Croatian Association of Credit Unions (CACU) and the Central Association of Savings and Credit Associations (CASCA) from Moldova.
Established in 2011, the Croatian Association of Credit Unions represents 12 credit unions with 44,000 members and US$87 million in assets
CASCA was formed in 2009 by Moldova’s 49 largest credit unions. Its affiliates control 42% (US$12.7 million) of Moldova’s credit union assets and account for 32% (40,735) of the country’s total credit union members. CASCA, Moldova’s only credit union trade association, provides representation, training and liquidity management services for its members.
European Parliamentarians Discuss Regulatory Relief for Credit Unions
27 November 2018
BRUSSELS — The European Parliament Credit Union Interest Group met on 27 November with the European Network of Credit Unions on limiting regulatory burdens on credit unions to help promoting access to financial services for ordinary Europeans. The Interest Group, a caucus for Members of the European Parliament (MEP) who support credit unions, held the meeting at the European Parliament's Espace Léopold in Brussels.
MEP Marian Harkin (Republic of Ireland), who is co-chair of the Interest Group, said, “We must not overburden small Credit Unions so that they can continue to serve underserved and rural areas that are in need of responsible access to credit. Credit Unions represent an ideal way to help ordinary Irish people with their financial needs and regulations should not stand in their way.”
Gerry Thompson, vice president of the Irish Credit Union League added that “Prudent regulatory reforms can reduce unnecessary compliance burdens on credit unions and will help lead to inclusive economic growth throughout Europe.”
The panel focused on ways that unions can increase financial inclusion, service to underserved populations and increased access to responsible lending products.
Representatives of the Irish League of Credit Unions (ILCU), the National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, the Estonian Union of Credit Cooperatives (EUCC), and World Council of Credit Unions also shared their views with MEPs on how European Union policy can provide regulatory relief for credit unions in Europe.
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