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View All Comment Letters and Position Papers

Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency.  All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.


Agency Pending Comment Letters Due Date
IFRS Proposals to Update Accounting Standards for SMEs March 7, 2023
 

Recent News on our Competent Authorities

 

2023-01-24

BIS Bulletin Addresses Risks in Cryptocurrencies

The Bank for International Settlements issued its Bulletin entitled Addressing the risks in crypto: laying out the options to address the recent failures involving several major crypto firms.  This issues has become increasingly pressing as these emerging markets are going through booms and busts.  While they have not yet threatened financial stability the scale and prominence of these recent failures highlight the need to address the risks before crypto markets can evolve into systemic contagions.

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Bank of International Settlements
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BIS Bulletin Addresses Risks in Cryptocurrencies

2023-01-12

Basel Report Documents Complexity of Basel III Reforms

The Basel Committee on Banking Supervision issued its Evaluation of the impact and efficacy of the Basel III reforms noting that the more sophisticated and multi-dimensional framework introduced through Basel III to address a variety of risks to enhance bank resilience came at the cost of greater regulatory complexity.  With respect to this complexity, the report notes a position that has been consistently argued by the World Council that “complex rules applied to simple banking activities may limit competition, giving advantages to larger and more complex banks, potentially providing incentives for banks to become even more complex and aggravating the [too big to fail] problem.”

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Basel
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Basel Report Documents Complexity of Basel III Reforms

2022-12-22

Basel Committee Issues Prudential Treatment of Cryptoassets

The Basel Committee finalized its prudential standard on Cryptoasset Exposures which has been endorsed by the Committee’s oversight body, the Group of Governors and Heads of Supervision. The document sets out the final standard which the Committee has agreed to implement by 1 January 2025. The text will be incorporated into the consolidated Basel Framework shortly. After final incorporation, the standard will need to be adopted by national-level regulators before being applied to financial institutions. 

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Basel
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Basel Committee Issues Prudential Treatment of Cryptoassets

2022-12-22

Basel Committee Outlines 2023-2024 Work Programme

The Basel Committee on Banking Supervision approved its 2023-2024 Work Programme outlining its strategic priorities for its policy, supervision and implementation activities.  The Committee will focus on the following key themes:

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Basel
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Basel Committee Outlines 2023-2024 Work Programme

2022-12-22

WOCCU Urges Proportionality in FSB’s Cyber Incident Reporting Standard

The World Council of Credit Unions urged the Financial Stability Board to consider the impact of it’s proposed revisions to international standards trying to achieve greater convergence in cyber incident reporting.  The comments came as part of the FSB’s consultation seeking to strengthen and harmonize frameworks surrounding operational resilience and the desire to increase efforts to reign in the effects of cyber incidents.

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Financial Stability Board
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WOCCU Urges Proportionality in FSB’s Cyber Incident Reporting Standard

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