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Verkhovna Rada building (parliament house) in Kyiv, Ukraine. (Source: WOCCU) Verkhovna Rada building (parliament house) in Kyiv, Ukraine. (Source: WOCCU)

This week the Ukrainian Parliament overwhelmingly approved a first reading of a new draft law on credit unions to expand financial services they can provide. The International Advocacy and International Projects’ team for the World Council of Credit Unions have been working hard with Ukrainian lawmakers on this effort.

According to a statement released by WOCCU on Tuesday, the law must pass a second reading as the final step for adoption. If adopted, the law would provide a foundation for updating the country’s legal framework for “credit union operations and build a level playing field for credit unions in the financial services market.”

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Michael Ogden

Editor-in-Chief for CU Times.

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