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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
European Commission Sustainable Finance - Environment, Social and Governance Ratings and Sustainability Risks In Credit Ratings June 6, 2022
European Commission Open Finance Framework - Enabling Data Sharing and Third Party Access in the Financial Sector June 7, 2022
European Commission Distance Marketing of Consumer Financial Services - Review of EU Rules June 25, 2022
Financial Stability Board Supervisory and Regulatory Approaches to Climate-Related Risks: Interim Report June 30, 2022
IFRS General Requirements for Disclosure of Sustainability-related Financial Information July 29, 2022
IFRS Climate-related Disclosures July 29, 2022
European Commission Payment Services - Review of EU Rules August 2, 2022
 

Recent News on our Competent Authorities

 

2022-04-20

FSB Chair Drafts Letter to G20 Highlighting Financial Effects of Russian Invasion of Ukraine

On April 20, 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klass Knot, to the G20 Finance Ministers and Central Bank Governors in preparation for a meeting that took place on the same day. The letter outlined the status of global financial stability as well as the FSB’s plans to address emerging vulnerabilities. The letter further discusses the effects of Russia’s invasion of Ukraine on the global financial market including large price fluctuations and “concerns about the growth and potential use of crypto-assets”; however, these effects are far exceeded by the impact of the COVID-19 pandemic. Still, the Russian invasion is concerning as it is triggering inflation, which could promote restrictive financing; additionally, growing vulnerabilities may begin to present themselves in a material way, for example, high debt levels within the non-financial sector, and stretched valuations.

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Financial Stability Board, G20
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FSB Chair Drafts Letter to G20 Highlighting Financial Effects of Russian Invasion of Ukraine

2022-03-28

WOCCU Urges G20 to Help Credit Unions Advance Financial Inclusion

The World Council of Credit Unions (World Council) urged the G20 to continue its commitment to financial inclusion and its objective reduce inequalities and promote inclusive growth.   Specifically, World Council asked the G20 to direct the international standard setting bodes to work closely with national-level regulators to fully adopt proportional tailoring of regulations for the purposes of advancing financial inclusion.

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G20
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WOCCU Urges G20 to Help Credit Unions Advance Financial Inclusion

2022-02-17

FSB Chair Publishes Letter to the G20 Regarding 2022 Deliverables

In advance of a meeting set for February 17 through 18, 2022, the Financial Stability Board (FSB) published a letter from their chair, Klass Knot, to the G20 Finance Ministers and Central Bank Governors. The letter details the work the FSB is doing this year to promote sustainable growth and global financial resilience in response to continuing COVID-19 issues such as uneven recovery across regions, inflation and record-high global debt levels. The FSB credits “determined” policy response and G20 post-2008 crisis reforms for current recovery successes which include bank and market infrastructure resilience.

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Financial Stability Board, G20
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FSB Chair Publishes Letter to the G20 Regarding 2022 Deliverables

2022-01-21

International Advocacy at World Council Releases 2022 Global Regulatory Update

This week the International Advocacy team at the World Council of Credit Unions (World Council) released the 2022 Global Regulatory Update. The update highlighted the leading regulatory issues currently affecting credit unions including sustainable finance, proportionality, financial inclusion, anti-money laundering and countering the financing of terrorism (AML/CFT), payments and digitization. With sustainable finance as the feature of the report, it was noted that we should look forward to regulations that will encourage investments in environmentally responsible products as well as related regulations that govern procedure, including disclosures and reporting requirements.

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FATF, G20
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International Advocacy at World Council Releases 2022 Global Regulatory Update

2021-11-01

G20 Reaffirms WOCCU Advocated Support for Financial Inclusion

The G20 adopted the G20 Rome Leaders’ Declaration wherein it reaffirmed its support to supporting WOCCU advocated focus on financial inclusion.  WOCCU urged the G20 to focus on the importance of proportionality for the purposes of allowing credit unions to increase financial inclusion. The G20 reaffirmed its commitment to enhancing financial inclusion of vulnerable and underserved segments of society and endorsed the G20 Menu of Policy Options focused on digital financial literacy and financial consumer protection.  The G20 also reiterated its support for the e G20 2020 Financial Inclusion Action Plan which includes Principle 3 which provides for providing an enabling and proportionate legal and regulatory framework for digital financial inclusion, taking into account relevant G20 and international standard setting body standards and guidance.

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G20
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G20 Reaffirms WOCCU Advocated Support for Financial Inclusion

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