Verkhovna Rada building (parliament house) in Kyiv, Ukraine. (Source: WOCCU)
This week the Ukrainian Parliament overwhelmingly approved a first reading of a new draft law on credit unions to expand financial services they can provide. The International Advocacy and International Projects' team for the World Council of Credit Unions have been working hard with Ukrainian lawmakers on this effort.
According to a statement released by WOCCU on Tuesday, the law must pass a second reading as the final step for adoption. If adopted, the law would provide a foundation for updating the country's legal framework for "credit union operations and build a level playing field for credit unions in the financial services market."
Members of the Ukrainian Parliament had the backing and support of the National Bank of Ukraine in developing the language for the "Draft Law on Credit Unions."
According to WOCCU, the draft law will accomplish the following:
- Expand the list of financial services credit unions can provide to its members;
- Improve licensing and corporate governance requirements for credit unions;
- Allow for increases in the levels of capitalization and stress resilience of credit unions to strengthen the reliability of the sector and consumer confidence in it; and
- Allow for remote annual general meetings, in lieu of in-person gatherings.
WOCCU International Advocacy, the CAP Project and other stakeholders will now work with parliamentarians to prepare necessary amendments for the draft law's second reading and final passage, ensuring a legal framework that will help the Ukrainian credit union sector thrive, according to a statement from WOCCU.
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