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The ability of credit unions to weather financial shocks draws consumers to them during times of crises—something regulators must recognize and allow for to help the world recover from the current climate of economic uncertainty. That's the theme of our 2023 Global Regulatory Update.
The International Accounting Standards Board (IASB) of the IFRS Foundation in September issued proposals to update the IFRS for SMEs Accounting Standard—a step long-advocated for by World Council of Credit Unions (WOCCU) as a way to reduce regulatory burdens for credit unions when implementing IFRS 9.
The Basel Committee on Banking Supervision (Basel Committee) has issued guidance encouraging national-level regulators to consider tailoring its standards for less complex financial institutions such as credit unions—a position long-advocated for by World Council of Credit Unions.