World Council of Credit Unions President/CEO Pete Crear is taking G-20 regulators to task, accusing them of failing to utilize input from financial cooperatives as they create new financial rules and regulations.
“While we recognized the need for the G-20 governments to act rapidly over the past year, we have been disappointed by the lack of consultation in the process,” Crear wrote in a Sept. 22 letter addressed to G-20 leaders, who met in Pittsburgh last week.
A Sept. 23 WOCCU release stressed that the organization supports G-20 efforts to date, particularly as they relate to capital adequacy, liquidity needs and executive compensation.
However, Crear urged the group to distinguish between large, complex international banks and retail cooperative financial institutions when creating new guidelines.
—handerson@cutimes.com