BRUSSELS —The European Parliament Credit Union Interest Group met here with the European Network of Credit Unions to discuss limiting regulatory burdens on
credit unions as a means of promoting access to financial services for ordinary Europeans.
The Interest Group, a caucus for Members of the European Parliament who support credit unions, held the meeting at the European Parliament's Espace Léopold in Brussels.
“We must not overburden small credit unions so that they can continue to serve underserved and rural areas that are in need of responsible access to credit,” said MEP Marian Harkin of the Republic of Ireland, who is co-chair of the Interest Group. “Credit Unions represent an ideal way to help ordinary Irish people with their financial needs and regulations should not stand in their way.”
Gerry Thompson, vice president of the Irish Credit Union League added, “Prudent regulatory reforms can reduce unnecessary compliance burdens on credit unions and will help lead to inclusive economic growth throughout Europe.”
Other Issues Also Discussed
The panel focused on ways that unions can increase financial inclusion, service to underserved populations and increased access to responsible lending products, according to the World Council of Credit Unions.
Among those in attendance at the meeting were representatives of the Irish League of Credit Unions, the National Association of Cooperative Savings and Credit Unions, the Estonian Union of Credit Cooperatives, and the World Council, all of whom also shared their views with MEPs on how European Union policy can provide regulatory relief for credit unions in Europe.