Internationalization of financial system regulations is a trend that will include credit unions, said Dave Grace, World Council of Credit Unions vice president of association services. The topic was of particular interest to attendees of last month's annual Credit Union Regulator's Roundtable, because representatives from the International Accounting Standards Board and BASEL were present to discuss it.
Recently, countries have worked together to coordinate interest rate cuts and develop stimulus packages, crafting an overall global response to the credit crisis, Grace said.
Credit unions aren't immune to the trend. Although most American credit unions don't do business internationally, Grace said the U.S. government has already agreed to abide by international accounting standards, which includes the NCUA.
Recommended For You
"We've heard an awful lot about stress testing for banks; well, those parameters are international," Grace said. "It's all leading toward a greater internationalization of rules, standards and regulation."
The seven-year-old roundtable has provided regulators with a head start in the effort to standardize credit union regulations, because they event has helped them develop a rapport that allows for open give and take dialogue.
NASCUS Chairman George Reynolds represented the U.S. in this year's Barcelona event. The NCUA usually sends a board member and the agency's executive director to the event, but did not this year.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
