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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Edwards acknowledged that the variety of nations and languages represented at the conference demonstrates the global appeal of credit unions. Edwards characterized that appeal as resting upon the idea of a source of financial services and development that does not rest in government or the private sector but in cooperation among people.
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