MADISON, Wis. — It's not easy to create a model of consistency that embraces 97 different cultures, but the World Council of Credit Unions' model pieces are considered an international standard.
WOCCU's Model Regulations for Credit Unions, released last month, is a companion piece to its Model Law for Credit Unions, which was written in 2005. Both documents assist foreign governments as they pen regulations for credit union systems.
In many countries, credit union oversight begins under the umbrella of agencies that regulate cooperatives, not financial institutions, said Brian Branch, WOCCU executive vice president and chief operating officer. However, as credit union systems grow in size and sophistication, governments soon realize they require more financially oriented supervision.
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