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A
special message
from
Mary Martha Fortney, President and CEO,
January 26, 2007
For years, NASCUS has hosted regulators from around the world to discuss the United States’ credit union regulatory model in coordination with the World Council of Credit Unions (WOCCU).
NASCUS and state regulators have served as resources to countries that are improving or creating their credit union regulatory framework. Regulators from countries including Kenya, the Philippines, Russia, Mexico, Ecuador, Poland, Great Britain, Canada and the Caribbean have met with NASCUS and state regulators to share regulatory best practices.
The interaction between state and international credit union regulators continues to be a learning experience. Both sides gain insight into how credit unions are regulated and utilized around the world. As a supporter of WOCCU, NASCUS is active with the international credit union community to promote the development and success of the cooperative movement around the world.
NASCUS also works with WOCCU and the Caribbean Regional Technical Assistance Centre (CARTAC) to provide training opportunities led by state regulators and examiners. Several sitting and retired regulators have participated in the training including Roger Little (MI) and Ella Robinson (KY-retired).
CARTAC’s goal is to enable examiners to become familiar with the state regulatory system and gain exposure to all phases of the examination process. Regulators who have participated in CARTAC training remarked that the opportunities expand their knowledge and skills and provide a unique experience as trainers or mentors. Additional CARTAC opportunities are forthcoming, and NASCUS will distribute information to regulators.
Further, NASCUS sitting and retired regulators have lent their expertise to other international agencies. Recently, John Hale (TX-retired) spent two weeks assisting the credit union agency in the Bahamas with its supervision and examination functions. He participated in the “inspection” or examination of the largest credit union in the Bahamas and helped the agency streamline its examination report. Similar assistance was also provided by Ella Robinson (KY-retired) to the Bahamian agency several years ago. She also led training in Dominican Republic.
In addition, for the past two years NASCUS and state regulators have participated in the International Regulators Roundtable at WOCCU’s Annual Conference. In 2006, NASCUS joined 33 regulators from 17 countries for the event, and looks forward to participating again in 2007 at WOCCU’s Annual Conference in Calgary, Canada.
NASCUS emphasizes the importance of interaction in the international credit union community. International visitors to NASCUS often show special interest in the NASCUS Accreditation Program as a model of regulatory excellence. They look to the NASCUS Accreditation Program to learn more about the regulation of the financial services industry in the United States. NASCUS looks forward to future discussions with international regulators and how the NASCUS Accreditation Program can help the credit union movement worldwide.
This year, NASCUS will continue its work with WOCCU and CARTAC to lend expertise and assistance to the international cooperative movement. The learning experience is truly valuable for both parties as the safety and soundness of regulatory programs is maintained and strengthened worldwide.
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