Discussing shared strategies for global credit union success

As part of an advocacy network working beyond the U.S., America’s Credit Unions’ World Affairs Committee met Monday to discuss the ongoing partnership between the organization and the World Council of Credit Unions (WOCCU).

During Monday’s meeting, committee members shared challenges their credit unions are facing and how those can inform the global advocacy perspective. The group discussed various regulatory issues related to digital currency, anti-money laundering efforts, and open banking, as well as emerging challenges and opportunities related to fraud, AI, competition and industry consolidation, and economic pressures.

America’s Credit Unions Board Treasurer Jim Morrell serves on the WOCCU board. American credit unions are also represented on the WOCCU board by Apple Federal Credit Union Executive President Joe Thomas (vice chair), INOVA Federal Credit Union President/CEO Dallas Bergl (treasurer), and Patelco Credit Union President/CEO Erin Mendez.

America’s Credit Unions’ World Affairs Committee has engaged with both organizations, along with the Latin American Credit Union Advocacy Network, European Network of Credit Unions (ENCU), and Caribbean Confederation of Credit Unions, as well as organizations in the U.S., Australia, and Canada.

This included a WOCCU advocacy trip with Iowa Credit Union League President/CEO Murray Williams representing the U.S. to ENCU, the European Payments Conference, the Bank of England, and the Financial Action Task Force. These entities are responsible for setting a number of global financial standards.

WOCCU has also recently published a white paper on ethical AI use for credit unions, as well as joint reports with the Filene Research Institute on tackling housing challenges and global payments innovations.