Authorizing credit unions to issue capital shares is fully consistent with congressional intent, credit union history, credit unions’ tax status and credit unions’ mutual structure, the World Council of Credit Unions wrote to NCUA Tuesday, in response to its ANPR.
The World Council of Credit Unions filed a comment letter with the Financial Action Task Force last week, focusing on correspondent banking, information sharing and customer due diligence requirements for the underbanked.
The World Council of Credit Unions asked the Financial Action Task Force this week for clearer guidance on AML/CFT rules in order to reduce regulatory burdens. The FATF is the global standard setting body for AML/CFT rules.
Recent guidance from the Financial Action Task Force will likely make it easier for credit unions to establish and maintain correspondent banking relationships. The Financial Crimes Enforcement Network will likely issue guidance based on the FATF standard.
The Basel Committee on Banking Supervision made major, credit-union friendly revisions to the final version of its banking supervision guidance, taking into account comments and concerns expressed by the World Council of Credit Unions.
CUNA and the World Council of Credit Unions wrote to congressional leadership Tuesday opposing any increase in Foreign Account Tax Compliance Act reporting requirements, as has been proposed by Treasury Secretary Jacob Lew.
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 in its guidance on interest rate risk.
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’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.