The International Credit Union Regulators' Network (ICURN) is an independent international network of credit union regulators that promotes the guidance given by the leaders of the Group of 20 (G-20) nations for greater international coordination among financial services regulators. ICURN facilitates the sharing of information and positions of common interest among financial cooperatives, initiates research on financial cooperatives and their oversight, identifies best practices and provides direct access to an exclusive forum for thought leaders worldwide on issues critical to sound credit union regulation.
On Sept. 16, 2011, ICURN published the Guiding Principles for Effective Prudential Supervision of Cooperative Financial Institutions. Taking into account financial cooperatives' unique nature and using the Basel Committee's Core Principles for Effective Banking Supervision as a guide, the document developed by ICURN incorporates 21 principles conducive to developing an effective supervisory system for credit unions, caisses populaires, savings and credit cooperatives, savings and credit associations and other global financial cooperatives.
ICURN was formed in 2007 during the fifth annual Regulators' Roundtable in Calgary, Canada, and currently has members in over 30 countries and jurisdictions. A steering committee of representatives from six regions across the world leads ICURN, and World Council of Credit Unions serves as the ICURN secretariat. The steering committee's role is to help coordinate ICURN and assist World Council in organizing the ICURN Annual Conference & Continuing Education.
ICURN's steering committee representatives for the 2013–2014 term are:
ICURN Chairman: Martin Stewart, Head of UK Banks & Mutuals, Bank of England, United Kingdom,
- Africa: Carilus Ademba, CEO, SACCO Societies Regulatory Authority, Kenya
- Asia: Singam Karuppasamy, Executive Director, Reserve Bank of India
- Europe: Martin Stewart, Head of UK Banks & Mutuals, Financial Services Authority, United Kingdom; Wiktor Kamiński, Vice President, National Association of Co-operative Savings & Credit Unions, Poland
- Latin America/Caribbean: Rodrigo Sánchez Arriola Luna. General Director of Supervison of Savings and Loan Cooperatives, National Banking and Securities Commission of Mexico
- North America: Andy Poprawa, CEO, Deposit Insurance Corporation of Ontario, Canada; Larry Fazio, Director, Office of Examination and Insurance, National Credit Union Administration, USA; Mary Martha Fortney, President and CEO, National Association of State Credit Union Supervisors, USA
- Oceania: Brandon Khoo, Executive General Manager, Australian Prudential Regulatory Authority
ICURN holds one formal meeting each year in conjunction with the ICURN Annual Conference & Continuing Education. In addition, ICURN hosts conference calls and webinars and distributes periodic communications such as the Global Regulatory Update to inform members of the latest national and international credit union regulatory developments. ICURN members will convene at the next ICURN Annual Conference on May 14-16, 2014, in London,United Kingdom.
Effective financial standards and appropriate regulatory oversight are critical to realizing a future filled with safe, successful credit unions. The global financial crisis illuminates the importance of international cooperation to achieve these objectives. By joining ICURN, you can invest in the future of safe financial practices not only for the financial institutions you serve in your own country, but for those serving members worldwide.
Any entity with statutory responsibility for oversight of financial
cooperatives within its jurisdiction can join ICURN by completing the ICURN application and submitting it for consideration to the ICURN steering committee.
The annual ICURN membership fee is US$350 per organization for credit union supervisory entities in jurisdictions with combined credit union assets of US$1 billion or more, and US$150 for entities in jurisdictions with less than US$1 billion in credit union assets.