WASHINGTON (4/5/16)--Statements from a Basel Committee on Banking Supervision proposal on the regulation of what it calls “nonbanks” contain numerous inaccurate claims that credit unions need to be regulated more stringently than banks, according to the World Council of Credit Unions. The World Council filed a comment letter last week responding to the Basel Committee’s proposal on the regulation of nonbanks that promote financial inclusion.
WASHINGTON (2/17/16)--The Basel Committee's decision to exempt virtually all credit unions from its Total Loss Absorbing Capacity regulation means that there will likely be no pressure on the National Credit Union Administration to expand its risk-based capital regulation, according to the World Council of Credit Unions. The exemption would apply to all credit unions in all countries, unless they have branch offices outside the United States that are not on military bases.
WASHINGTON (2/3/16)--The World Council of Credit Unions submitted a comment letter to the Global Partnership for Financial Institutions last week, strongly supporting its use of the “concept of proportionality” to limit regulatory burdens on credit unions around the world.
CUNA compliance staff recently responded to a query if credit unions are required to disclose the numerical value of the military annual percentage rate to borrowers covered under the Military Lending Act.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.