MADISON, Wis. — The World Council of Credit Unions is reporting the first formal definition of credit unions has been included in a European Union document, thanks to WOCCU lobby efforts.
An April 22 report by the European Parliament, which promotes the value of volunteerism and designates 2011 as the European Year of Volunteering, includes a reference to the role credit unions play with regards to volunteerism.
The report states, "…(W)hereas volunteers play an important role in achieving the Lisbon Strategy goal of socio-economic cohesion by contributing to financial inclusion, for example, by establishing credit unions which are regulated and not for profit financial cooperatives, run and governed by volunteers."
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The reference makes possible use of this report to influence other EU decision-makers, according to Dave Grace, WOCCU's vice president of association services.
"The reference to credit unions is part of a much larger, further-reaching document on the importance of volunteerism with European Union countries," Grace said. "Thanks to (the author's) efforts, this is a big step forward for credit unions."
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