Credit unions are regulated and supervised at the national level, however the guidance issued by international standard setting bodies increasingly impacts the credit union movement everywhere. In order to ensure appropriate and proportionate regulation for credit unions, nine associations and the World Council of Credit Unions comprise the Latin American Credit Union Advocacy Network, known by its Spanish acronym ReLAC. The network serves as a platform to exchange information and speaks with one voice on issues of importance to financial cooperatives across the region. More concretely, the objectives of the network are to:
- Educate policymakers on what a credit union is, how it is structured and what services it provides
- Raise awareness of the social role credit unions play, both in Latin American and worldwide
- Formulate positions on policies identified as highly important to the credit union movement
- Advocate these positions vis-à-vis national and international decision-makers
- Engage in an open dialogue with policymakers and other stakeholders
The Latin American Credit Union Advocacy Network's (ReLAC) technical committee meets on a quarterly basis to compare national priorities and strategies in advocacy and discuss the characteristics and role of credit unions across the region and beyond.
Members of the Latin American Credit Union Advocacy Network (ReLAC)
The Sicredi Confederation includes 108 credit unions serving more than 5 million members with assets surpassing US$ 34 billion.
FEDEAC represents the interests of 14 affiliated credit unions which together represent more than 90% of the assets of the credit union sector and over 10% of the financial sector.