The World Council of Credit Unions supports most aspects of the Global Financial Innovation Network, but urges member agencies to work to ensure a level playing field. CUNA strongly supports the World Council’s recommendations as well.
While World Council of Credit Unions does not support a requirement for credit unions to obtain “Legal Entity Identifiers” it sees some potential value in encouraging increased use of this system, it wrote last week.
Interest rate swaps and caps promote safety and soundness by helping community-based institutions hedge interest rate risks related to fixed-rate mortgages and similar investments, the World Council of Credit Unions wrote Monday.
The World Council of Credit Unions supports the Financial Stability Board’s initiative to develop a “cyber lexicon” but urges the board to take a proportional approach that does not impose additional compliance burdens on credit unions.
The World Council of Credit Unions generally supports the Financial Stability Board’s proposal on ways to improve stability of too-big-to-fail banks, but urged the board to make several changes in the final version.
The World Council of Credit Unions opposes making demutualizations--making member-owned entities into shareholder-owned entities-- the international standard for resolving weak financial cooperatives, it wrote last week to the International Association of Deposit Insurers.
The World Council of Credit Unions wrote to the Basel Committee suggesting changes to its proposal on market risk capital requirements, the first proposed as expressly applicable to institutions like credit unions in the U.S.