CU industry to G20: Proportionality essential to financial inclusion

On a recent World Council of Credit Unions webinar leading up to the G20 conference in Rome, Italy, CUNA’s Executive Vice President and Chief Advocacy Officer Ryan Donovan offered a reminder to credit union executives why understanding the policymakers at the G20 was so important. What happens at the G20 is not irrelevant to credit unions in the United States; it provides an opportunity for policymakers to understand the needs of credit unions and the members who depend on them.

“One of the core principles of advocacy is finding out how the information we have as advocates can play in the decision-making process, how (we are) relevant to them,” Donovan explained. “That’s part of what we’re trying to do before G20, to show how much these standards impact us. That’s why (the) G20 language on financial inclusion and proportionality is important. It really represents (the) global community coming together to say that one-size-fits-all regulation is counter-productive to financial inclusion.”

“The more we can get these international standard-setters — in this case the G20 — endorsing this proportionality idea, the better chance we’re going to have that our regulators and lawmakers implement proportional regulations.”

 

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