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
Basel Committee on Banking Supervision	Principles for sound management of third-party risk	October 9, 2024

Recent News on our Competent Authorities

2024-08-28

New FATF President Highlights Inclusive Approach

New Financial Action Task Force (FATF) President Elisa de Anda Madrazo recently addressed the G20 Finance Ministers and Central Bank Governors at their meeting in Brazil. In one of her first comments as President she declared that financial inclusion will be one of her main areas of focus when delivering FTAF’s new strategic priorities. She noted securing financial integrity is not a trade-off with financial inclusion. She emphasized FATF is working diligently to prevent money laundering activity while maintaining access for clean funds to move through the regulated financial system. Excluding people from the financial system will increase inequalities and push them to unregulated options, increasing overall risks.

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FATF

New FATF President Highlights Inclusive Approach

2024-08-23

IASB Proposes Guidance to Improve Climate Related Disclosures

The International Accounting Standards Board (IASB) published a consultation document, proposing eight examples to demonstrate how companies apply IFRS Accounting Standards when reporting the effects of climate-related and other uncertainties in their financial statements.

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IFRS, International Accounting Standards Board

IASB Proposes Guidance to Improve Climate Related Disclosures

2024-08-19

Canadian Report Highlights Growing Regulatory Burden and the Importance of Proportionality

The C.D. Howe Institute, a nonpartisan not-for-profit research organization, recently issued a report highlighting the increased regulatory burden in Canada and the need to carefully consider both the benefits and costs of new requirements in the future. The report, The Good, the Bad and the Unnecessary: A Scorecard for Financial Regulations in Canada documents the trade-offs of additional regulations and recommends that regulators undergo a thorough and disciplined analysis to understand when the benefits of a new regulatory requirement out-weigh the costs.

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

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