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

2024-06-24

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

The European Council (Council) reached an agreement on a common member states’ position on a new law intended to improve cooperation between national data protection authorities. The General Data Protection Regulation (GDPR) harmonizes data protection rights across Europe and applies to any organization that deals with personal data of EU citizens or residents, regardless of where they are based. To better facilitate GDPR enforcement this new law will require national data protection authorities to cooperate quickly when a data protection case concerns cross-border processing.

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Council of the European Union

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

2024-06-03

Basel III Reforms: New EU Rules to Increase Resilience to Economic Shocks

The European Council (Council) adopted new rules aimed at making financial institutions operating in the EU more resilient to possible economic shocks. The changes are intended to strengthen their supervision and risk management as well as sustainability in the banking sector. The new rules update the capital requirements regulation and directive that translate the Basel III standards into EU legislation.

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Council of the European Union

Basel III Reforms: New EU Rules to Increase Resilience to Economic Shocks

2024-05-29

European Council Approves Artificial Intelligence Act

On May 21, 2024, the European Council announced its approval of the Artificial Intelligence or AI Act, to set a global standard AI regulation through a risk-based approach. “The new law aims to foster the development and uptake of safe and trustworthy AI systems across the EU’s single market by both private and public actors.” The AI Act provides classification of AI systems based on risk, with lower risk systems being subject to light transparency obligations and high-risk systems subject to more requirements and obligations. AI that is capable of cognitive behavioural manipulation, social scoring, and the use of AI for predictive policing based on biometric data that categorize people based on race, religion, or sexual orientation will be banned in the EU. An AI Office in the European Commission, scientific panel, and an AI Board with member states’ representatives will be implemented as governing bodies to ensure enforcement.

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Council of the European Union

European Council Approves Artificial Intelligence Act

2023-03-07

European Council and Parliament Reach Provisional Agreement on European Green Bonds

On February 28, 2023, the European Council and European Parliament reached a provisional agreement on the creation of European Green Bonds (EuGB) as another step in its strategy to finance sustainable growth and “transition to a climate-neutral, resource-efficient economy”. It must be adopted by both institutions for finalization and will apply 12 months after it is entered into force. The green bonds will help issuers substantiate that the green projects they are funding are legitimate and supported by the EU taxonomy, as well as to reduce greenwashing. National competent authorities of each member state will supervise the issuance of green bonds.

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Council of the European Union

European Council and Parliament Reach Provisional Agreement on European Green Bonds

2022-11-10

European Council Reaches Position on CRD and CRR Amendment Proposals

On November 8, 2022, the European Council reached a decision on its general approach to Basel III regulatory reforms, namely proposals on amendments to the capital requirements directive (CRD) and the capital requirements regulation (CRR). The Council hopes that by implementing these reforms, it will “boost the resilience of banks operating in the Union and strengthen their supervision and risk management”.

The “output floor” which uses internal models to calculate minimum capital requirements, will apply to both individual and group banking levels, however, member states will have discretion, within its own country, to apply the output floor at the highest level of consolidation. In addition to enhanced technical improvements to credit and market risk and several other improvements, the Council’s position on the implementation of Basel III reforms will enhance proportionality rules for small banks, specifically for disclosure requirements as they pertain to small and non-complex financial institutions. The European Commission previously presented its proposal on the review of the CRD and CRR regulations on October 27, 2021-- next steps include negotiations with the European Parliament to finalize a version of the texts and finalizing the implementation of Basel III international agreements into EU law.

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Council of the European Union, Basel

European Council Reaches Position on CRD and CRR Amendment Proposals

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