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

Recent News on our Competent Authorities

2024-07-24

FSB Reports on Regulatory and Supervisory Initiatives on Nature-Related Financial Risks

The Financial Stability Board (FSB) published a report on the status of financial authorities’ initiatives related to the identification and assessment of nature-related financial risks. It outlines current and future regulatory and supervisory initiatives. The report will be delivered to the G20 Finance Ministers and Central Bank Governors at their upcoming meeting in Rio De Janeiro. It discusses how nature degradation is a financial risk and how authorities across different jurisdictions are responding. The report shows that financial regulators are at different stages of evaluating nature-related financial risks. Many have concluded that there is a significant financial risk while others continue to monitor the situation.

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Financial Stability Board

FSB Reports on Regulatory and Supervisory Initiatives on Nature-Related Financial Risks

2024-07-23

Basel Committee Approves Disclosure Framework for Banks’ Cryptoasset Exposures

The Basel Committee recently approved a disclosure framework for financial institutions' cryptoassets. The disclosure framework has an implementation date of January 1, 2026. This framework creates a standardized set of public tables and templates covering financial institutions’ cryptoasset exposures. The disclosures are intended to enhance information for oversight and provide transparency into the risk level of a financial institution’s cryptoasset exposure. The document, DIS55 Cryptoasset exposures, sets out the final revised standard.

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Basel

Basel Committee Approves Disclosure Framework for Banks’ Cryptoasset Exposures

2024-07-22

Basel Committee Requests Comments on Principles for Sound Management of Third-Party Risk

The Basel Committee recently published a consultation on Principles for Sound Management of Third-Party Risk in the banking sector. The proposed principles are open for comment until October 9, 2024. They provide guidance to the financial institutions and supervisors regarding effective third-party risk management to withstand operational disruptions.

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Basel

Basel Committee Requests Comments on Principles for Sound Management of Third-Party Risk

2024-06-25

Artificial Intelligence Highlighted in New Report by BIS

The Bank for International Settlements (BIS) released a special chapter on Artificial Intelligence (AI) in its new Annual Economic Report of 2024. The increased use of AI has significant implications for the financial system and its stability. The report highlights the impact of AI on Central Banks and the need to anticipate AI’s impact across the economy. Looking forward, Central Banks will need to determine how best to utilize AI in their own operations, especially in the area of data and data governance. The quick rise in adoption of AI within the financial sector and larger economy implies there is an urgent need for Central Banks to quickly increase their understanding both as informed observers of technology advancements as well as users of the technology itself.

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Bank of International Settlements

Artificial Intelligence Highlighted in New Report by BIS

2024-06-24

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

The European Council (Council) reached an agreement on a common member states’ position on a new law intended to improve cooperation between national data protection authorities. The General Data Protection Regulation (GDPR) harmonizes data protection rights across Europe and applies to any organization that deals with personal data of EU citizens or residents, regardless of where they are based. To better facilitate GDPR enforcement this new law will require national data protection authorities to cooperate quickly when a data protection case concerns cross-border processing.

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Council of the European Union

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

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