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NCUA Helps Kenyan Group Develop Credit Union System

ALEXANDRIA, Va.-Sixteen Kenyan credit union representatives met with NCUA officials recently to discuss their efforts to create a legal and regulatory scheme for credit unions. "Clearly, Kenya has made significant strides in further developing a safe and sound regulatory structure for their credit union system," said NCUA Chairman Dennis Dollar....

By Sarah Snell Cooke | Updated on March 23, 2004

ALEXANDRIA, Va.-Sixteen Kenyan credit union representatives met with NCUA officials recently to discuss their efforts to create a legal and regulatory scheme for credit unions. “Clearly, Kenya has made significant strides in further developing a safe and sound regulatory structure for their credit union system,” said NCUA Chairman Dennis Dollar. “While the American model for credit union regulation may not be right for every nation, we are pleased that our regulatory system has been recognized as a source from which much can be learned and our best practices can provide a proven example for many involved in the international financial cooperative system.” NCUA Chairman Dennis Dollar, Vice Chair JoAnn Johnson, and Board Member Debbie Matz met with the Kenyan delegates plus Executive Director Len Skiles and senior members of NCUA’s Offices of Public and Congressional Affairs, Examination and Insurance, General Counsel, Chief Financial Officer, Corporate Credit Unions and the president of the Central Liquidity Facility. This is the second time the Kenyan delegation has visited NCUA in six months. Since the group’s first trip to the U.S., they have drafted a legislative proposal to establish a credit union law and regulatory system. The legislation and implementation of the system were the focus of the more recent meeting. The delegation included six members of Kenya’s parliament, the commissioner of cooperative development and officials from the cooperative ministry, a central bank official, and representatives of the nation’s savings and credit cooperatives. The International Visitors Program usually hosts about a dozen visits a year. The next one will be later this month with a group from China. -

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