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
Financial Action Task Force	AML/CFT and Financial Inclusion - Proposed Changes to FATF Standards	December 6, 2024

Recent News on our Competent Authorities

2024-04-22

World Council Urges G20 to Support Credit Unions on Financial Inclusion

The World Council of Credit Unions urged the G20 to adopt language in this year’s Leaders’ Declaration to embrace proportionality that can enable credit unions as community based financial institutions to address financial inclusion around the world. This year’s Summit under Brazil’s Group of Twenty (G20) Presidency focuses on the theme “Building a Just World and a Sustainable Planet.” This theme highlights the world’s commitment to fair agreements that promote global economic and social development and the reduction of inequality worldwide.

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G20

World Council Urges G20 to Support Credit Unions on Financial Inclusion

2023-03-13

World Council Urges More Action by G20 on Financial Inclusion

The World Council of Credit Unions today urged the G20 to take further action to increase financial inclusion through credit unions worldwide. Specifically, World Council is requesting that the G20 provide direction to international standard setting bodies to work with national level authorities and supervisors on proportional tailoring of regulations that will allow the unique not-for-profit cooperative model of credit unions to increase access to responsible and affordable financial services to rural and underserved communities.

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G20

World Council Urges More Action by G20 on Financial Inclusion

2022-11-28

G20 Addresses Key Credit Union Issues in Leaders’ Declaration

The G20 Bali Leaders’ Declaration issued November 15-16 in Bali, Indonesia addresses several issues critical to credit unions. Issues surrounding Financial Inclusion, Sustainable Finance and Climate Change, Payments, Cryptocurrencies, Women and Vulnerable Populations, Anti-Money Laundering/Combatting the Financing of Terrorism, Cybersecurity and others were addressed. This key document gives direction to the international standard setting bodies (i.e. Basel Committee, IASB, FATF, FSB, etc.) who will focus their workplans on issues addressed in this document.

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G20

G20 Addresses Key Credit Union Issues in Leaders’ Declaration

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

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

WOCCU Urges G20 to Help Credit Unions Advance Financial Inclusion

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