WOCCU actively monitors and participates in the policy development of numerous international organizations to ensure credit union interests are represented in the formation of international standards. The Bank of International Settlements, International Accounting Standards Board and Organization for Economic Cooperation and Development are all organizations currently forming policy, establishing frameworks and developing standards at a global level that can impact credit unions.

WOCCU advocates the interests of credit unions to the following organizations:

Basel Committee of the Bank for International Settlements

The Basel Committee on Banking Supervision is an international committee established by the Bank for International Settlements to formulate policy on prudential standards and best practices among financial regulators. WOCCU represented credit unions to the Basel Committee during its development of a more risk sensitive approach to capital adequacy. The Basel Committee completed its formation of a new Capital Accord in 2004 and implemented it with national regulators and legislators in 2006. For more information on the Basel Capital Accord, click here.

International Accounting Standards Board

The International Accounting Standards Board (IASB) develops global accounting standards for adoption and implementation by national level accountancy boards to achieve consistency in standards. WOCCU works with IASB to monitor issues relevant to credit unions.

Financial Action Task Force

The Financial Action Task Force (FATF) is an inter-governmental body that sets standards, develops and promotes policies to combat money laundering and terrorist financing. FATF’s Forty Recommendations on the prevention of money laundering were revised in June 2003 to include obligations for both the financial and non-financial sector. WOCCU’s briefing paper on FATF highlights the impact on credit unions.