Regulation was on the agenda at a recent meeting between the European Parliament Credit Union Interest Group and the European Network of Credit Unions.
MEPs engaged with members of ENCU on how the Parliament could reduce unnecessary regulatory burdens on the sector. They also explored how creit unions can increase financial inclusion, provide services to underserved populations and increased access to responsible lending products.
Launched in 2014, the interest group is a caucus for MEPs from all parties, which works to raise awareness of credit unions and micro-finance among EU institutions and stakeholders. It briefs the European Parliament and other decision-makers on credit union developments in EU member states and across the world.
MEP Marian Harkin (Republic of Ireland), co-chair of the group, said: “We must not overburden small credit unions so 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: “Prudent regulatory reforms can reduce unnecessary compliance burdens on credit unions and will help lead to inclusive economic growth throughout Europe.”
The network was represented by delegates from 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.
