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
Basel Committee on Banking Supervision	Principles for sound management of third-party risk	October 9, 2024

Recent News on our Competent Authorities

2024-09-26

BIS Releases Executive Summary on the Impact of Digitalisation on Operational Continuity in Resolution

Bank of International Settlements (BIS) issued an executive summary outlining Operational Continuity in Resolution (OCiR). OCiR refers to a financial institution in resolution’s ability to continue the critical shared services that are needed to maintain or facilitate the wind-down of a financial institution’s critical functions.

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Bank of International Settlements

BIS Releases Executive Summary on the Impact of Digitalisation on Operational Continuity in Resolution

2024-09-25

Basel Committee Meeting Reviews Recent Risks

The Basel Committee on Banking Supervision met in September to discuss recent market trends and disruptions as well as key supervisory initiatives. The Committee noted several spikes in market volatility in July and August related to large, levered positions and the interconnections with non-bank financial intermediaries. The Committee noted the importance of operational resilience and managing third-party risks.

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Basel

Basel Committee Meeting Reviews Recent Risks

2024-08-28

New FATF President Highlights Inclusive Approach

New Financial Action Task Force (FATF) President Elisa de Anda Madrazo recently addressed the G20 Finance Ministers and Central Bank Governors at their meeting in Brazil. In one of her first comments as President she declared that financial inclusion will be one of her main areas of focus when delivering FTAF’s new strategic priorities. She noted securing financial integrity is not a trade-off with financial inclusion. She emphasized FATF is working diligently to prevent money laundering activity while maintaining access for clean funds to move through the regulated financial system. Excluding people from the financial system will increase inequalities and push them to unregulated options, increasing overall risks.

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FATF

New FATF President Highlights Inclusive Approach

2024-08-23

IASB Proposes Guidance to Improve Climate Related Disclosures

The International Accounting Standards Board (IASB) published a consultation document, proposing eight examples to demonstrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements.

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IFRS, International Accounting Standards Board

IASB Proposes Guidance to Improve Climate Related Disclosures

2024-08-19

Canadian Report Highlights Growing Regulatory Burden and the Importance of Proportionality

The C.D. Howe Institute, a nonpartisan not-for-profit research organization, recently issued a report highlighting the increased regulatory burden in Canada and the need to carefully consider both the benefits and costs of new requirements in the future. The report, The Good, the Bad and the Unnecessary: A Scorecard for Financial Regulations in Canada documents the trade-offs of additional regulations and recommends that regulators undergo a thorough and disciplined analysis to understand when the benefits of a new regulatory requirement out-weigh the costs.

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