HONG KONG — World Council of Credit Unions Chairman Melvin Edwards fears the current period of instability in many of the world's financial markets less than a regulatory backlash which might arise because of it.
Speaking after welcoming attendees to the 2008 World Credit Conference, Edwards noted how leading US regulators have already begun laying groundwork for increased regulation, citing the extraordinary circumstances which face the US financial services industry.
"The problem with the kinds of regulation that arise in situations like these is that they sweep up the innocent with the guilty," Edwards said. "Credit unions have not been involved in these problems, yet a blanket regulation will cover them as well," he added.
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