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<p>WASHINGTON – Representatives from the governments of South Africa and Zambia who were in Washington attending meetings with World Bank, participated in a World Council of Credit Unions-sponsored visit to U.S. credit unions and the NCUA, as part of WOCCU’s continuing effort to expose government officials to the regulated nature of U.S. credit unions. Two representatives from the Bank of South Africa and the Bank of Zambia were able to participate in the informational meetings which gave them an overview of the structure of U.S. credit unions, state leagues and NCUA. The delegation also visited both multiple sponsor and single sponsor closed and open bond credit unions. South Africa and Zambia are at different stages of regulatory development. South African credit unions operate under an exemption of the Banking Act, but they are in the process of working with the government for a credit union specific piece of legislation (SACCO). In Zambia, many credit unions are dormant because of the collapse of agriculture. The government there is working towards the final passage of a law governing credit unions by the end of 2002.</p>

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