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

Recent News on our Competent Authorities

2024-07-23

Basel Committee Approves Disclosure Framework for Banks’ Cryptoasset Exposures

The Basel Committee recently approved a disclosure framework for financial institutions' cryptoassets. The disclosure framework has an implementation date of January 1, 2026. This framework creates a standardized set of public tables and templates covering financial institutions’ cryptoasset exposures. The disclosures are intended to enhance information for oversight and provide transparency into the risk level of a financial institution’s cryptoasset exposure. The document, DIS55 Cryptoasset exposures, sets out the final revised standard.

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Basel

Basel Committee Approves Disclosure Framework for Banks’ Cryptoasset Exposures

2024-07-22

Basel Committee Requests Comments on Principles for Sound Management of Third-Party Risk

The Basel Committee recently published a consultation on Principles for Sound Management of Third-Party Risk in the banking sector. The proposed principles are open for comment until October 9, 2024. They provide guidance to the financial institutions and supervisors regarding effective third-party risk management to withstand operational disruptions.

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Basel

Basel Committee Requests Comments on Principles for Sound Management of Third-Party Risk

2024-05-29

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

On May 16, 2024 the Basel Committee published a report on the Digitalisation of Finance, outlining the risks and benefits of new technologies and its suppliers for the purposes of banking services, as well as “eight implications for banks and supervisors relating to macro-structural elements, specific digitalisation themes, and capacity building and coordination.” The report expands on the 2018 Sound Practices: implications of fintech developments for banks and bank supervisors. Technologies such as application programming interfaces, artificial intelligence and machine learning, distributed ledger technology and cloud computing, as well as new technologically enabled suppliers (eg big techs, fintechs and third-party service providers) and business models are reviewed within the report. The Committee hopes to address regulatory and supervisory implications such as:

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Basel

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

2024-03-21

Basel Committee Announces Core Principles Revision and Other Updates

The Basel Committee on Banking Supervision (the Committee) recently met to discuss key items impacting the financial service markets.

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Basel

Basel Committee Announces Core Principles Revision and Other Updates

2024-02-15

Comment Letter on Digital Fraud and Banking

In response to the Basel Committee on Banking Supervision's discussion paper regarding digital fraud, World Council submitted a comment letter on behalf of the global credit union movement. The Committee's discussion paper requested comments a description of fraud and the transmission channel's into the banking system. It also requested comments on whether there are additional banking initiatives related to digital fraud that should be pursued by the Committee.

Among suggestions for a more inclusive description of digital fraud impacting credit unions, World Council urged the Committee to explore the methods and ramifications in which the most vulnerable populations are targeted. Digital fraud is another challenge credit unions face in their mission for financial inclusion. World Council requested the Committee consider additional education initiatives related to fraud activity and resources.

Click here to read the comment letter submitted by World Council.

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Comment Letter, Basel

Comment Letter on Digital Fraud and Banking

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