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

Recent News on our Competent Authorities

2024-06-25

Artificial Intelligence Highlighted in New Report by BIS

The Bank for International Settlements (BIS) released a special chapter on Artificial Intelligence (AI) in its new Annual Economic Report of 2024. The increased use of AI has significant implications for the financial system and its stability. The report highlights the impact of AI on Central Banks and the need to anticipate AI’s impact across the economy. Looking forward, Central Banks will need to determine how best to utilize AI in their own operations, especially in the area of data and data governance. The quick rise in adoption of AI within the financial sector and larger economy implies there is an urgent need for Central Banks to quickly increase their understanding both as informed observers of technology advancements as well as users of the technology itself.

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Bank of International Settlements

Artificial Intelligence Highlighted in New Report by BIS

2024-06-24

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

The European Council (Council) reached an agreement on a common member states’ position on a new law intended to improve cooperation between national data protection authorities. The General Data Protection Regulation (GDPR) harmonizes data protection rights across Europe and applies to any organization that deals with personal data of EU citizens or residents, regardless of where they are based. To better facilitate GDPR enforcement this new law will require national data protection authorities to cooperate quickly when a data protection case concerns cross-border processing.

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Council of the European Union

European Council Reaches an Agreement on GDPR Cross-Border Enforcement

2024-06-03

Basel III Reforms: New EU Rules to Increase Resilience to Economic Shocks

The European Council (Council) adopted new rules aimed at making financial institutions operating in the EU more resilient to possible economic shocks. The changes are intended to strengthen their supervision and risk management as well as sustainability in the banking sector. The new rules update the capital requirements regulation and directive that translate the Basel III standards into EU legislation.

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Council of the European Union

Basel III Reforms: New EU Rules to Increase Resilience to Economic Shocks

2024-05-29

European Council Approves Artificial Intelligence Act

On May 21, 2024, the European Council announced its approval of the Artificial Intelligence or AI Act, to set a global standard AI regulation through a risk-based approach. “The new law aims to foster the development and uptake of safe and trustworthy AI systems across the EU’s single market by both private and public actors.” The AI Act provides classification of AI systems based on risk, with lower risk systems being subject to light transparency obligations and high-risk systems subject to more requirements and obligations. AI that is capable of cognitive behavioural manipulation, social scoring, and the use of AI for predictive policing based on biometric data that categorize people based on race, religion, or sexual orientation will be banned in the EU. An AI Office in the European Commission, scientific panel, and an AI Board with member states’ representatives will be implemented as governing bodies to ensure enforcement.

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Council of the European Union

European Council Approves Artificial Intelligence Act

2024-05-29

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

On May 16, 2024 the Basel Committee published a report on the Digitalisation of Finance, outlining the risks and benefits of new technologies and its suppliers for the purposes of banking services, as well as “eight implications for banks and supervisors relating to macro-structural elements, specific digitalisation themes, and capacity building and coordination.” The report expands on the 2018 Sound Practices: implications of fintech developments for banks and bank supervisors. Technologies such as application programming interfaces, artificial intelligence and machine learning, distributed ledger technology and cloud computing, as well as new technologically enabled suppliers (eg big techs, fintechs and third-party service providers) and business models are reviewed within the report. The Committee hopes to address regulatory and supervisory implications such as:

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Basel

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

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