HONG KONG - Credit unions from around the world gathered here last week to hear a message that sounded familiar to representatives from the U.S.: global economic and social uncertainty are presenting growth opportunities for CUs.
More than 1,300 people from 48 countries were here for the World Council of Credit Union’s World CU Conference. They were told that transparency in governance and responsibility to members–in short, doing “the right thing the right way”–are keys to ensuring credit unions grow around the globe.
“History has shown us that the stability offered by credit unions in both developed and developing nations can help buoy struggling populations and set unsettled economies on a more even keel,” WOCCU CEO Pete Crear said. “Countries whose populations formerly were characterized only by groups of ‘have-nots’ and ‘have-mores’ have achieved greater economic balance through credit union development, enabling people to support their families and approaching a social equanimity that can lead to peace and relative prosperity.”
Crear added that developing countries especially have made great strides economically and socially, creating broader free-market access in which more people are able to participate. CU movements in many countries have helped stabilize economies and foster growth, he added.
Other notes from the WOCCU conference:
* Former Maryland Sen. Paul Sarbanes, co-author of the Sarbanes-Oxley Act that has required significantly more transparency in accounting among publicly-traded companies, said he has been “moved” by examples of credit unions in post-conflict environments such as Afghanistan, where employees put themselves at physical risk to serve members.
The former legislator also drew a connection between the tenets of Sarbanes-Oxley legislation and CU principles. Service to members and the accountability such service demands falls in line which the legislation’s mandate, he added.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
