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	Amendments to the Classification and and Measurements of Financial Instruments	July 19, 2023
IFRS	Methodology for Enhancing the International Applicability of the SASB Standards and SASB Standards Taxonomy Updates	August 9, 2023

Recent News on our Competent Authorities

2023-04-27

Financial Stability Board Cyber Incident Reporting includes WOCCU Recommendations

The Financial Stability Board issued its report setting out 16 recommendations to address these issues with a view to promote best practices in cyber incident reporting. Included in the Recommendations to Achieve Greater Convergence in Cyber Incident Reporting, were several recommendations made by World Council including proportionality language to help smaller community based financial institutions and language surrounding feedback loops to assist credit unions in defending themselves against cyber-attacks.

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Financial Stability Board

Financial Stability Board Cyber Incident Reporting includes WOCCU Recommendations

2023-03-07

FSB Publishes Report on Priority Actions for Enhancing Cross-Border Payments

On February 23, 2023, the Financial Stability Board (FSB) released its G20 Roadmap for Enhancing Cross-Border Payments, Priority actions for achieving the G20 targets, which was provided to the G20 Finance Ministers and Central Bank Governors ahead of their meeting that took place on February 24-25^th. The report outlines analysis and stocktakes (including stockholder feedback) garnered over the first two years following its endorsement of its Roadmap for Enhancing Cross-Border Payments, released in 2020. In addition to highlighting its priority actions for attaining G20 targets, the report details actions to meet the quantitative targets by 2027 to “provide accountability and ambition”. To address the FSB’s priorities, it will work with the Committee on Payments and Market Infrastructures (CPMI) under two industry taskforces; and the International Monetary Fund (IMF) and World Bank will give technical assistance to jurisdictions outside of the G20’s purview.

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Financial Stability Board

FSB Publishes Report on Priority Actions for Enhancing Cross-Border Payments

2023-02-20

FSB Publishes Letter to G20 on 2023 Work Priorities

On February 20, 2023, in advance of the G20 meeting on February 24-25, the Financial Stability Board (FSB) released its letter from Chair, Klaas Knot to the G20 Finance Ministers and Central Bank Governors outlining its 2023 work including its objective “to monitor and address these vulnerabilities”. The letter also includes three reports covering non-bank financial intermediation (NBFI), crypto-assets and decentralized finance, and cross border payments. The FSB believes caution should be exercised when evaluating the current global economy due to “record-high” debt levels, “rising debt service costs and stretched asset valuations in some key markets". Further, the FSB plans to enhance cyber and operational resilience and will provide a revised report on cyber incident reporting. They will also work on enhancing disclosures, data and climate-related vulnerability analysis to address climate-related financial risks.

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Financial Stability Board

FSB Publishes Letter to G20 on 2023 Work Priorities

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

WOCCU Urges Proportionality in FSB’s Cyber Incident Reporting Standard

2022-11-14

Financial Stability Board Heeds WOCCU’s Call for Regulatory Flexibility

The Financial Stability Board (FSB) noted that the gradual withdrawal of relief measures granted during the COVID-19 crisis are best withdrawn gradually. This came as part of the FSB’s report to the G20 looking at financial policies in the wake of COVID-19 aimed at supporting equitable recovery and addressing the effects from scarring in the financial sector.

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Financial Stability Board

Financial Stability Board Heeds WOCCU’s Call for Regulatory Flexibility

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