WOCCU Offers Input To G-20

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MADISON, Wis.-WOCCU has been invited to comment on the Group of 20's (G-20) proposal to assure that credit unions are effectively represented and empowered to help fulfill the committee's recommendations.

The G-20 at its 2009 Pittsburgh Summit appointed the Access Through Innovation sub-group of its Financial Inclusion Expert Group to examine and recommend new methodologies to provide the world's poor with financial services. The sub-group's co-chairs have asked for WOCCU's input on the draft Principles for Innovative Financial Inclusion, a plan that the organization's members do not believe fully enables credit unions to effectively fulfill this mission, according to Dave Grace, WOCCU vice president of association services.

In an April 28 letter to sub-group co-chairs Paul Flanagan, general manager of the Australian Treasury's international finance division, and Luis Mansur, deputy head of Banco Central do Brasil's external debt and international relations department, Grace stressed several changes to the proposed nine principles, which focus on technology, education and responsible oversight as ways to increase consumer access to financial services. WOCCU's recommendations better articulate the opportunity for credit unions to participate in providing these services.

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