Thursday's G-20 meeting could have implications for U.S. credit unions, said Dave Grace, World Council of Credit Union vice president of association services.
He said G-20 leaders will be considering global financial standards and rules that will eventually be followed by federal regulators in many countries, including the U.S.
"That's what's so important about this meeting later this week," Grace said. "The rules they'll make there, they'll be setting them for many types of financial institutions and they'll be in effect for a long time. That's why we've been working for months to try to get ahead of this train."
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Grace said WOCCU was assured by the G-20 financial supervision work group's World Bank representative that "credit unions are not within the scope of the regulatory review."
However, Bloomberg reported March 30 that President Obama and U.K. Prime Minister Gordon Brown "aim to merge their national blueprints for strengthened regulation into a united front."
"I think it's important and key that credit unions have their own independent regulators that truly understand their structure and differences from retail banks, as well as their similarities," Grace said.
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