BASEL, Switzerland – In a series of three meetings here between the World Council of Credit Unions (WOCCU) and members of the Basel Committee on Banking Supervision and the Financial Stability Board, credit union representatives have sought to address pending revisions to the Basel II capital accord by noting CUs worldwide have weathered the global financial crisis better than their larger, for-profit counterparts and, in many countries, have helped stabilize and counter-balance inherent weaknesses in the financial services systems.
“Over the past decade, the Basel Committee’s capital rules affecting banks and credit unions have been adopted by financial regulators in more than 100 countries,” said Dave Grace, WOCCU vice president of association services, who led the multi-national delegation. “It is imperative that the Basel Committee’s guidance not only does no harm to financial cooperatives, but that it actively promotes the diversity and benefit those cooperatives bring to the marketplace.”
The credit union delegation met with officials to discuss capital and liquidity standards and other issues that affect credit unions.
