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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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
