Kenyan Credit Union Regulators Visit NASCUS to Learn About State Supervision Processes

July 26, 2010 — Representatives from the Kenyan credit union regulatory authority and the World Council of Credit Unions (WOCCU) recently visited the NASCUS offices to discuss the state credit union regulatory system.

Peter Gakunu, Carilus Ademba and Esther Keino from the Kenyan SACCO Society Regulatory Authority accompanied by Brian Branch of WOCCU used this visit to the United States to help their efforts in building their credit union regulatory agency in Kenya. Two years ago, Kenya passed a credit union law establishing a regulatory agency to supervise its SACCOs, or credit unions. Prior to the law, SACCOs in Kenya were supervised by a government agency that oversees all cooperatives.

NASCUS management discussed the state credit union regulatory system, offering the Kenyan regulators with best resources and guidelines from the NASCUS Accreditation Program, which features standards of regulatory excellence for U.S. state agencies. The group spent a lot of their time discussing monitoring processes, data management, enforcement authority and structure of state regulatory agencies.

The Kenyan visitors came to NASCUS following attendance at the WOCCU International Credit Union Regulators Roundtable, where NASCUS Chairman Tom Candon also attended and was a presenter.

NASCUS has met with dozens of international regulators over the years, and welcomes the opportunity to share information on the state regulatory system.