European Parliamentarians Discuss Regulatory Relief for Credit Unions

27 November 2018

From left: Andrew T. Price, Regulatory Counsel WOCCU, Gerry Thompson (ILCU), MEP Marian Harkin, European Parliament, MEP Luke Ming Flanagan, European Parliament and MEP Liadh Ni Riada, European Parliament.

Representatives from Irish League of Credit Unions (ILCU), Vereniging Samenwerkende Kredietunies (VSK), C.A.R. Federation (FEDCAR), Savings House (FULM), Instinctif Partners and National Association of Co-operative Savings and Credit Unions (NACSCU) attend meeting.

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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