Editor's note: In honor of CU Times' 25th anniversary, we asked credit union trade associations about their journeys since 1990. Read more in the July 8, 2015 issue of CU Times.
In 1990, credit unions were in a different place than they are today. During the ensuing 25 years, their influence has increased, but their challenges also have escalated. The same holds true for their trade associations, especially when viewed from a global perspective.
World Council of Credit Unions has evolved into more of an advocacy role over the past 25 years. Unlike its domestic counterparts, the Madison, Wis.-based trade group advocates on behalf of the global credit union movement, helping strengthen the credit union idea in the minds of policymakers worldwide and promote the influence of proper governance for both established and emerging movements, according to World Council President/CEO Brian Branch.
“In 1990, we were organizing credit unions, but that evolved over time,” Branch, who joined World Council in 1990, said. “We went from developing model credit union methodologies to networking institutions and building national credit union systems.”
World Council also labors to help construct regulatory bodies in emerging countries that understand and see the value credit unions bring to consumers, Branch explained. Strong regulations, he said, are the best way to help a credit union system grow.
“The absence of regulations has caused too many problems, and we found credit unions had a better image and grew much faster if they had a solid basis of regulations and legislation,” Branch said. “We had to work with regulators so they could better understand how credit unions differ from banks.”
World Council also has grown to provide more commentary and analysis to international organizations such as the Basel Committee on Banking Supervision, the International Accounting Standards Board and other bodies whose influence is often felt by U.S. regulators. That influence feeds into World Council's ultimate goal, Branch explained.
“We want to see a very strong and compelling understanding of the credit union model and its differences,” Branch said. “The recent economic crisis gave us a huge boost, increasing the trust and perception of credit unions. Consequently, we're seeing rapid growth and we're working very hard to satisfy those needs.”
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