The Basel Committee on Banking Supervision has released the final version of its interest rate risk, and took into account several regulatory relief suggestions from the World Council of Credit Unions. The Basel Committee, first proposed its Interest Rate in the Banking Book standard in September 2015 as formal guidance on monitoring, controlling and supervising interest rate risk.
Based in Switzerland, the Basel Committee is the primary global standard setter for the prudential regulation on banks and other depository institutions.
The World Council wrote to the Basel Committee in September that national credit union supervisors should have the discretion not to apply the proposed standards to credit unions.
The three alterations that would limit regulatory burdens on credit unions are: