MADISON, Wis.—Fourteen representatives of the European Network of Credit Unions (ENCU) recently converged on Brussels, Belgium, to share the credit union mission with newly elected officials and advocate for regulatory relief from the European Commission’s Regulation on Financial Data Access (FiDA)—a new framework for access to customer data, and how that data is shared and used across a wide range of financial services, the World Council of Credit Unions (WOCCU) reported.
ENCU representatives met with several new members of the European Parliament (MEPs) and officials with the European Commission departments responsible for EU policy related to financial service issues.
Specifically, ENCU representatives are seeking a credit union exemption from FiDA.
“With the European Parliament’s draft report still subject to discussion, we wanted to make sure our ENCU representatives were able to meet with as many key players as possible to convey the message that an exemption is important for credit unions, and discuss the impacts of other key regulations on credit unions,” said Erin O’Hern, WOCCU international advocacy and regulatory counsel, who led the ENCU delegation.
ENCU representatives also met with Anne Marie McKiernan, Director of Operations at the Central Bank of Ireland, and Boris Kisselevsky, Head of the European Central Bank Representation in Brussels, for conversations on the digital euro.
ENCU members involved in the meetings included representatives of the Irish League of Credit Unions (ILCU), National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, Federation of Romanian Credit Unions (FEDCAR), Estonian Union of Credit Cooperatives (EUCC), North Macedonia's FULM Savings House and the Croatian Association of Credit Unions.