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

2024-09-26

BIS Releases Executive Summary on the Impact of Digitalisation on Operational Continuity in Resolution

Bank of International Settlements (BIS) issued an executive summary outlining Operational Continuity in Resolution (OCiR). OCiR refers to a financial institution in resolution’s ability to continue the critical shared services that are needed to maintain or facilitate the wind-down of a financial institution’s critical functions.

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Bank of International Settlements

BIS Releases Executive Summary on the Impact of Digitalisation on Operational Continuity in Resolution

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

2023-05-30

Statistical release: BIS international banking statistics and global liquidity indicators released

The Bank for International Settlements issued its BIS locational banking statistics (LBS) on global liquidity indicators. The key findings of this report are as follows:

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Bank of International Settlements

Statistical release: BIS international banking statistics and global liquidity indicators released

2023-03-29

BIS's Project Nexus Prototype Successfully Links Eurosystem, Malaysia and Singapore Payments Systems

The BIS Innovation Hub Singapore Centre and partners announced the successful connection of the test versions of three established IPS using the Nexus model and outlined the next phase of the project to work on the real-world potential of a multilateral network that could be scaled up across more countries. The press release noted the following:

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Bank of International Settlements

BIS's Project Nexus Prototype Successfully Links Eurosystem, Malaysia and Singapore Payments Systems

2023-02-20

Aligning Operating Hours Across Jurisdictions Could Improve Cross-Border Payments

The Bank for International Settlements (BIS), Committee on Payments and Market Infrastructures (CPMI) released a report, Operational and technical considerations for extending and aligning payment system operating hours for cross-border payments: An analytical framework, to aid central banks and operators who plan to extend real-time gross settlement (RTGS) system operating hours with a systemic approach to render these services effectively. The report works in conjunction with the BIS May 2022 report, Extending and aligning payment system operating hours for cross-border payments. According to the report, “An extension and alignment of payment system operating hours across jurisdictions could help to speed up cross-border payments, especially between jurisdictions with significant time zone differences. It could also improve liquidity management, reduce settlement risk and enhance the performance of cross-border payment arrangements.”

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Bank of International Settlements

Aligning Operating Hours Across Jurisdictions Could Improve Cross-Border Payments

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