World Council Establishes New Performance Standards

The World Council of Credit Unions (WOCCU) has established performance benchmarks that require its member organizations to adhere to high-quality standards. At its board meeting here, the WOCCU board agreed to set the new benchmarks and criteria as part of WOCCU's global effort to ensure the safety and soundness of credit union associations in the world. In 2003 the benchmarks will be translated into "policies to which new and existing members must strive toward for continued eligibility and acceptance as member organizations of WOCCU."

"If we all subscribe to WOCCU's vision of 'Quality Credit Unions For Everyone,' then we, the national credit union associations, federations, leagues and regional confederations, as member organizations of WOCCU, should also be the champions of high-quality standards," said WOCCU Chairman Gerry Foley.

WOCCU President Arthur Arnold said he wanted to emphasize the importance of the board's decision to make the human and financial resources available to execute the 2003 plan within the financial means of WOCCU, on the basis of a balanced budget approach and without diluting WOCCU's strong capital base.