Coronavirus (COVID-19) Updates


From Credit Unions, For Credit Unions

World Council created this page as a resource for the latest coronavirus (COVID-19) news, information and recommendations specifically relevant to credit unions across the globe. All of the content is provided by World Council, its members, or their affiliated credit unions and financial cooperatives. To share information from your organization on this page, please email us at

FSB Delivers COVID-19 Regulatory Principles to G20

The Financial Stability Board (FSB) delivered a report setting out the financial stability implications of COVID-19 and policy measures taken to address them to the G20 Finance Ministers and Central Bank Governors. 

The report sets out five principles that underpin the official community’s rapid and coordinated response to support the real economy, maintain financial stability and minimize the risk of market fragmentation. Using these principles, authorities will:

  • Monitor and share information on a timely basis to assess and address financial stability risks from COVID-19.
  • Recognize and use the flexibility built into existing financial standards to support their response; seek opportunities to temporarily reduce operational burdens on firms and authorities.
  • Act consistently with international standards, and not roll back reforms or compromise the underlying objectives of existing international standards.
  • Coordinate on the future timely unwinding of the temporary measures taken.

A copy of the report can be viewed here

FSI Reflects on Regulatory Responses to COVID-19 Pandemic

The Financial Stability Institute (FSI) of the Bank of International Settlements issued its "Reflections on Regulatory Responses to the COVID-19 Pandemic." Highlights of its findings include:

  • Regulatory policy responses should seek to support economic activity while preserving the financial system's soundness and ensuring transparency.
  • The recommendation for banks to make full use of capital and liquidity buffers should go hand in hand with restrictions on dividends and bonuses and clarity concerning the process for rebuilding them.
  • Flexibility in loan classification criteria for prudential and accounting purposes should be complemented with sufficient disclosure on the criteria banks use to assess creditworthiness.
  • The publication of detailed guidance on the application of expected loss provisioning rules, combined with sensible transitional arrangements, may constitute a balanced approach to mitigating the unintended effects of the new accounting standards.

A copy of the report can be viewed here.

Both of these posts originally appeared on World Council's Advocate Blog.