Those of you who attended the World Credit Union Congress in Gold Coast may remember these issues being discussed. Firstly, I see these challenges as the key areas that are driving the regulatory trend.
Since the global financial crisis, governments around the World have tried to push for credit unions to come under close scrutiny and regulation, which is good for the credit union credibility but can damage the movement. For example, pushing smaller credit unions, to report as per the International Financial Reporting Standards (IFRS) for credit instrument impairment and BASEL III Requirements.