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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 Distance Marketing of Consumer Financial Services - Review of EU Rules June 25, 2022
IFRS General Requirements for Disclosure of Sustainability-related Financial Information July 29, 2022
IFRS Climate-related Disclosures July 29, 2022
Financial Action Task Force Call for advice to the European Banking Authority (EBA) regarding the review of Directive 2014/17/EU1 (Mortgage Credit Directive) August 1, 2022
European Commission Payment Services - Review of EU Rules August 2, 2022
European Commission Open finance framework – enabling data sharing and third party access in the financial sector August 2, 2022
Basel Committee on Banking Supervision Prudential Treatment of Banks' Cryptoasset Exposures September 30, 2022
 

Recent News on our Competent Authorities

 

ENCU Touts Benefits of Credit Unions in EU Report on Social Taxonomy

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European Commission

The European Network of Credit Unions urged the Platform on Sustainable Finance of the European Commission to consider credit unions and the credit union not-for-profit cooperative model to be classified as their own social taxonomy based on the social benefits that credit unions provide to society.

The Platform on Sustainable Finance issued its Final Report on Social Taxonomy wherein it is focused on aligning the structure of a suggested social taxonomy more closely to the existing environmental taxonomy.

In the letter ENCU suggests that credit unions should be designated as their own social taxonomy because their cooperative structure lends itself to different behavior than investor-owned financial institutions and that difference in behavior produces substantial benefits to the world’s millions of credit union members, to non-members, and the economy as a whole.

Access to affordable, reliable and self-sustainable financial services improves lives on many different levels and credit unions work to expand services to people of all income levels. This makes credit unions uniquely positioned to drive how the financial services industry can better foster financial inclusion. Credit unions model places the interests of their members top of mind, prioritizing personable, altruistic service. The “people helping people” philosophy is at the cored of their “DNA” which operates to the social benefit of all.  Financial inclusion and the nexus with sustainable communities is embodied by the credit union cooperative model.

The letter also notes the work of Donore Credit Union in Ireland wherein it has documented the social benefits of its credit union to society.  Their study documents that for every EUR 1 equivalent invested into Donore Credit Union, in the region of EUR 10 of social value was created.  This is an astounding number that could only be accomplished by the unique cooperative model afforded by a credit union.

A copy of the ENCU comment letter can be viewed here.



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