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MADISON, Wis. – WOCCU is concerned new legislation could potentially restrict the withdrawal of savings at Romanian credit unions. Since 1999, WOCCU has worked to modernize the operations of 26 caseles adjutor reciproc (CARs) to be able to compete in the marketplace and enable economic growth in local, said WOCCU President/CEO Arthur Arnold. Total membership and assets over that four-year period have grown to 89,728 and nearly $25 million, respectively. In 2003, legislation governing CARs was amended that would restrict the mobilizing of withdrawable credit unions and UNCAR, the national trade body, “has not shown willingness to commit to and enforce minimum safety and soundness standards, which in turn, affects the approach of credit union supervision,” WOCCU said. “If CARs are restricted from mobilizing withdrawable savings, they can no longer be considered as credit unions,” WOCCU said. WOCCU has expressed its concerns in a series of meetings with UNCAR and Romanian officials dating back to 2001, Arnold said. While the Council stands ready to continue offering counsel to CARs, any future assistance “will be contingent upon an invitation for such assistance from the Romanian credit union system,” WOCCU said.

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