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The Telegraph | World Council of Credit Unions
<!doctype html><html lang="en"><head> <title>The Telegraph | World Council of Credit Unions</title> <meta charset="utf-8"><meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no" /> <meta http-equiv="x-ua-compatible" content="ie=edge" /> <link rel="stylesheet" href="https://use.fontawesome.com/releases/v5.8.2/css/all.css"> <link rel="stylesheet" href="https://use.typekit.net/lpe4elb.css"> <link rel="stylesheet" href="https://use.typekit.net/wvv3iki.css"> <link href="/vendor/MDB_4.8.10/css/bootstrap.min.css?d=0717" rel="stylesheet"> <link href="/vendor/MDB_4.8.10/css/mdb.min.css?d=0717" rel="stylesheet"> <link href="/css/base.css?d=0717" rel="stylesheet"> <meta name="pageName" content="The Telegraph | World Council of Credit Unions" /> <meta prefix="og: http://ogp.me/ns#" property="og:type" content="article" /> <meta prefix="og: http://ogp.me/ns#" property="og:title" content="The Telegraph | World Council of Credit Unions" /> <meta prefix="og: 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href='https://www.woccu.org'>Home</a> > <a href='https://www.woccu.org/member_services'>Member Services</a> > <a href='https://www.woccu.org/member_services/international_advocacy'>International Advocacy</a> > <a href='https://www.woccu.org/member_services/international_advocacy/telegraph'>The Telegraph</a></div> <div class="row"> <div class="col-md-1 hidden-sm-down"> <div id="shareArea"> <b class="title">Share</b> <ul class="shareIcons"> <li class="socialIcon nav-item"> <a style="width: 100%;" class="btn btn-fb" aria-label="Facebook" href="https://www.facebook.com/sharer/sharer.php?u=http%3A%2F%2Fwoccu.org%2Fmember_services%2Finternational_advocacy%2Ftelegraph&ref=fb" target="_blank"><i class="fab fa-facebook"></i></a> </li> <li class="socialIcon nav-item"> <a style="width: 100%;" class="btn btn-tw" aria-label="Twitter" href="https://twitter.com/intent/tweet?original_referer=http%3A%2F%2Fwoccu.org%2Fmember_services%2Finternational_advocacy%2Ftelegraph&text=The+Telegraph&tw_p=tweetbutton&url=http%3A%2F%2Fwoccu.org%2Fmember_services%2Finternational_advocacy%2Ftelegraph%26ref%3Dt" target="_blank"><i class="fab fa-x-twitter"></i></a> </li> <li class="socialIcon nav-item"> <a style="width: 100%;" class="btn btn-li" aria-label="LinkedIn" href="http://www.linkedin.com/shareArticle?mini=true&title=The+Telegraph&url=http%3A%2F%2Fwoccu.org%2Fmember_services%2Finternational_advocacy%2Ftelegraph" target="_blank"><i class="fab fa-linkedin"></i></a> </li> </ul> </div> </div> <div class="col-md-11 col-sm-12"> <div style="padding: 5px 0px;"><img src="/images/TheTelgraph_Color_Horizontal" class="imgReact"></div><div class="post"><h1 class="post-title">Reverberating Consequences</h1><div class="post-body"><p><strong>Volume 16, Number 9<br >September 2024</strong></p> <h2>Advocacy News You Can Use</h2> <p>While international standard setter proposals and new guidance have been slower this month, there is a clear focus on managing volatility and market risks within the financial sector. Rigorous review of past banking failures and financial sector instability continues amongst all the key standard setters. Ensuring financial institutions are prepared for key risks and avoid issues, such as those in 2023, are at the forefront of committee discussions this month.</p> <p>As credit unions look ahead to the 2025 planning, stress testing for unexpected market changes will be important for preparation and to meet regulator expectations. The consequences of large international banks taking unique risks continue to be felt in the regulatory discussions and supervisory focus going forward. </p> <p><strong><a href="https://advocate.woccu.org/?post=2565">BIS Releases Executive Summary on the Impact of Digitalisation on Operational Continuity in Resolution</a></strong></p> <p>Bank of International Settlements (BIS) issued an executive summary outlining Operational Continuity in Resolution (OCiR). OCiR refers to a financial institution in resolution’s ability to continue the critical shared services that are needed to maintain or facilitate the wind-down of a financial institution’s critical functions.</p> <p>The summary notes that digitalization has recently been accompanied by increased reliance on third-party service providers supporting critical shared services, including areas such as data management and storage. This change creates several challenges. Data is now more frequently stored in other jurisdictions and assets may be shared across multiple third-party firms. This could create uncertainty in resolution regarding access to data or legal ownership. The increased digitalisation and reliance on third-party services also increases the chances of a final service involving support from multiple third-party providers with sub-contractors or indirect providers. These arrangements add complexity in service delivery models that may not be adequately captured in operational continuity arrangements.</p> <p>The summary sets out considerations for approaching operational continuity of critical shared services that are digital. For additional information consult the Financial Stability Board’s <a href="https://www.fsb.org/uploads/P180324.pdf">Guidance on Arrangements to Support Operational Continuity in Resolution</a>, which includes a recent supplementary note to clarify implementation with the increasing digitalisation of critical shared services.</p> <p>Click <a href="https://www.bis.org/fsi/fsisummaries/exsum_22205.htm">here</a> to read the full executive summary.</p> <p><strong><u>Why this matters to your credit union:</u></strong> This is another example of the impact digitalization has on regulatory guidance for financial institutions. Credit unions should review their operational continuity plans to ensure they account for the increasing number of digital services. Specific changes such as contract and governance considerations should be reviewed in operational continuity practices.</p> <p><strong><a href="https://advocate.woccu.org/?post=2566">Basel Committee Meeting Reviews Recent Risks</a></strong></p> <p>The Basel Committee on Banking Supervision met in September to discuss recent market trends and disruptions as well as key supervisory initiatives. The Committee noted several spikes in market volatility in July and August related to large, levered positions and the interconnections with non-bank financial intermediaries. The Committee noted the importance of operational resilience and managing third-party risks.</p> <p>The Committee also finalized the report on lessons learned from the 2023 banking turmoil. As recommended by the G20, the report builds on earlier documentation with a new emphasis on liquidity risk that will be published in the coming months. The Committee also provided an update on its work to support regulatory supervisors including tools that can be used in their day-to-day work. The tools pertain to liquidity risk, the sustainability of business’ models, and effective supervisory judgment.</p> <p>Finally, the Committee reviewed comments it received on its recent consultation regarding the proposed disclosure framework on climate-related financial risks.</p> <p>Click <a href="https://www.bis.org/press/p240924.htm">here</a> for more information.</p> <p><strong><u>Why this matters to your credit union:</u></strong> Liquidity and sufficient capital are at the forefront of regulator conversations worldwide. However, credit unions face unique challenges in accessing liquidity and raising capital. It is vital that credit unions continue to discuss their unique structure and differing risk matrix with their national level and local supervisors.</p> <p> </p> <table cellpadding="2"> <tbody> <tr> <td> </td> <td> <p><strong>Erin O'Hern</strong><br >International Advocacy and Regulatory Counsel<br >World Council of Credit Unions (WOCCU)<br >99 M St., SE, Washington, DC 20003 USA<br ><a href="mailto:erinohern@woccu.org">erinohern@woccu.org</a> | <a>www.woccu.org</a></p> </td> </tr> </tbody> </table></div></div><br><h2>Previous Editions</h2><br><ul><li><a href="?post=2567">Reverberating Consequences</a></li><li><a href="?post=2559">As August Ends</a></li><li><a href="?post=2550">Working Together</a></li><li><a href="?post=2544">More on AI...</a></li><li><a href="?post=2533">The Advocacy Marathon….</a></li><li><a href="?post=2520">On Advocacy….</a></li><li><a href="?post=2512">Learning from Each Other…</a></li><li><a href="?post=2501">Everyone Has a Boss…</a></li><li><a href="?post=2493">On a Whim…</a></li><li><a href="?post=2484">The Right Tool…</a></li><li><a href="?post=2474">A Single Step…</a></li><li><a href="?post=2457">Will It Ever End?</a></li><li><a href="?post=2444">Drop the Mic…</a></li><li><a href="?post=2431">Read the Tea Leaves…</a></li><li><a href="?post=2421">It’s a Celebration</a></li><li><a href="?post=2415">It’s a Process…</a></li><li><a href="?post=2409">On Crisis Management…</a></li><li><a href="?post=2394">A Far Cry…</a></li><li><a href="?post=2381">On Uncertainty…</a></li><li><a href="?post=2370">A Balancing Act</a></li><li><a href="?post=2363">On New Year’s Resolutions</a></li><li><a href="?post=2359">A Time to Reflect</a></li><li><a href="?post=2349">We Are Just Getting Started…</a></li><li><a href="?post=2333">Recover Together, Recover Stronger</a></li><li><a href="?post=2321">It’s Not Over Until It’s Over!</a></li><li><a href="?post=2316">Listen Up!</a></li><li><a href="?post=2298">Let’s Celebrate!</a></li><li><a href="?post=2291">A Trick Question</a></li><li><a href="?post=2278">May You Live in Interesting Times</a></li><li><a href="?post=2263">Fasten Your Seatbelt</a></li><li><a href="?post=2244">Regulations That Help?</a></li><li><a href="?post=2226">A Storm is Coming</a></li><li><a href="?post=2215">Where Are We Going?</a></li><li><a href="?post=2209">Hold On to Your Hats</a></li><li><a href="?post=2201">Baby Steps</a></li><li><a href="?post=2192">The Climate is Changing</a></li><li><a href="?post=2185">The Cyber Resilience Challenge</a></li><li><a href="?post=2180">Not a Burden? Really?</a></li><li><a href="?post=2169">The Real Costs of Compliance</a></li><li><a href="?post=2160">One More Step</a></li><li><a href="?post=2148">Mark Your Calendars!</a></li><li><a href="?post=2141">Where is My Reward?</a></li><li><a href="?post=2125">Faster and Cheaper for Whom?</a></li><li><a href="?post=2117">Take the Plunge!</a></li><li><a href="?post=2108">What are the New Year’s Regulatory Resolutions?</a></li><li><a href="?post=2095">The "New" Year</a></li><li><a href="?post=2082">Giving Thanks for Proportional Regulations</a></li><li><a href="?post=2063">Who is Faster?</a></li><li><a href="?post=2041">Celebrate the Credit Union Story!</a></li><li><a href="?post=1990">The Work Goes On</a></li><li><a href="?post=1956">Where's the Certainty?</a></li><li><a href="?post=1925">Are Credit Unions the Michael Jordan of the Financial World?</a></li><li><a href="?post=1872">We Are In This Together</a></li><li><a href="?post=1804">Look for the Helpers</a></li><li><a href="?post=1779">On Brexit, Immigration and Payments: What's Next?</a></li><li><a href="?post=1772">Lessons from Australia: How Climate-related Risks Impact Regulations</a></li><li><a href="?post=1762">Basel Committee Finalizes First Non-Draft Version of Consolidated Basel Framework</a></li><li><a href="?post=1754">Basel Committee Reinforces the Need for Proportionality</a></li><li><a href="?post=1739">WOCCU Urges Clearer Guidance for National-Level Regulators</a></li><li><a href="?post=1732">WOCCU Recommended Approach Included in Finalized Basel Standard on Client Cleared Derivatives</a></li><li><a href="?post=1720">WOCCU Urges FATF to Reduce Regulatory Burden for AML/CFT Requirements</a></li><li><a href="?post=1711">World Council Urges New Reg Burden Reduction Guidance</a></li><li><a href="?post=1705">Basel Committee Report Endorses Reg Burden Relief</a></li><li><a href="?post=1679">World Council Supports Coop Shares as Equity</a></li><li><a href="?post=1671">World Council’s Top 10 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Agenda</a></li><li><a href="?post=1602">WOCCU Urges Revisions to Basel Market Risk Capital Proposal</a></li><li><a href="?post=1592">World Council Announces New Advocacy Blog</a></li><li><a href="?post=1583">World Council Urges AML/CFT Reg Burden Relief</a></li><li><a href="?post=1578">G20 Reaffirms Not Increasing Regulatory Capital Requirements</a></li><li><a href="?post=1576">Advocacy Report: Basel Committee Authorizes Capital Add-Back Rules Urged by World Council to Reduce Expected Credit Loss Accounting Compliance Costs</a></li><li><a href="?post=1574">World Council Comments on Basel Committee Correspondent Banking Proposal</a></li><li><a href="?post=1571">FATF Correspondent Banking Guidance</a></li><li><a href="?post=1547">Comment Letter Roundup!</a></li><li><a href="?post=1546">Basel Committee Increases Capital Flexibility & Removes Anti-Coop Statements</a></li><li><a href="?post=1512">Basel Interest Rate Risk Final Guidance Responds to World Council’s Concerns</a></li><li><a href="?post=1504">Revisions to Basel III Standarised Credit Risk</a></li><li><a href="?post=1304">G20 Affirms Easy Monetary Policy and Financial Inclusion</a></li><li><a href="?post=1256">Basel Committee Significantly Revises Weak Banks Guidance in Response to World Council Comments</a></li><li><a href="?post=1224">World Council Comments on Expected Credit Loss Guidance from the Basel Committee</a></li><li><a href="?post=1212">Revisions to Basel III Standardized Approach to Credit Risk</a></li><li><a href="?post=1152">World Council Urges Basel Committee to Limit Corporate Governance Regulatory Burdens</a></li><li><a href="?post=1113">G20 Update & Revised Basel III NSFR</a></li><li><a href="?post=1090">EU Revises Basel III Liquidity Coverage Ratio to help CU's</a></li><li><a href="?post=863">OECD Global FATCA, Basel III Liquidity & AML</a></li><li><a href="?post=811">World Council Telegraph: Basel III and G20 Update</a></li><li><a href="?post=779">Credit Unions Ask for Basel III Liquidity Rules Revision</a></li><li><a href="?post=734">FATCA Witholding Delayed, Opposition Mounts in U.S. Congress, Courts</a></li><li><a href="?post=567">U.S. Sen. Rand Paul Introduces New Bill to Repeal FATCA</a></li><li><a href="?post=496">IRS Issues FATCA Final Regulation</a></li><li><a href="?post=495">FATCA Regulation Release Delayed . . . Again</a></li><li><a href="?post=455">FATCA Delayed, New Numbers for Credit Unions - October 29, 2012</a></li><li><a href="?post=419">Basel Committee Releases Final Basel III Capital Disclosures Standard - July 9, 2012</a></li><li><a href="?post=423">FSB to Create Global Numbering System for Financial Transactions - June 1, 2012</a></li><li><a href="?post=425">World Council Makes Oral Comments at U.S. Internal Revenue Service Public Hearing on FATCA - May 16, 2012</a></li><li><a href="?post=424">World Council Engages the U.S. Internal Revenue Service on FATCA - May 1, 2012</a></li><li><a href="?post=422">World Council Participates in Financial Action Task Force (FATF) Consultative Forum in Paris - April 13, 2012</a></li><li><a href="?post=421">The U.S.’s Internal Revenue Service Proposes a Tax Regulation Affecting Both Non-U.S. and U.S. Credit Unions - February 15, 2012</a></li></ul> </div> </div> </div></main><footer class="center-on-small-only"><nav id="footer_1" class="navbar"><div class="container"><div class="container clearfix" style="padding-left:.5rem;"><p class="t_white">The World Council engages in advocacy, development and education to champion and grow credit unions and cooperative finance worldwide.</p></div><ul class="navbar-nav nav nav-flex-icons float-left"><li class="nav-item"><a class="nav-link" href="/member_services" >Member Services</a></li><li class="nav-item"><a class="nav-link" href="/global_programs" >Global Programs</a></li><li class="nav-item"><a class="nav-link" href="/wf" >Worldwide Foundation</a></li> <li class="nav-item"><a class="nav-link" href="https://www.woccu.org/contact/subscribe">Subscribe</a></li> <li class="nav-item"><a class="nav-link" href="https://www.woccu.org/about/careers">Careers</a></li> <li class="nav-item"><a class="nav-link" href="https://www.woccu.org/contact">Contact Us</a></li> </ul><ul class="navbar-nav nav nav-flex-icons navbar-right" style="flex-direction: row;"><li class="socialIcon nav-item"><a class="btn btn-w_blue" href="https://www.woccu.org/calendar" aria-label="calendar"><i class="far fa-calendar-alt"></i></a></li><li class="socialIcon nav-item"><a class="btn btn-fb" href="/el.php?page=https://www.facebook.com/woccu" target="_blank" aria-label="facebook"><i class="fab fa-facebook"></i></a></li><li class="socialIcon nav-item"><a class="btn btn-li" href="/el.php?page=https://www.linkedin.com/company/world-council-of-credit-unions" target="_blank" aria-label="linkedin"><i class="fab fa-linkedin"></i></a></li><li class="socialIcon nav-item"><a class="btn btn-tw" href="/el.php?page=https://x.com/woccu" target="_blank" aria-label="twitter"><i class="fab fa-x-twitter"></i></a></li><li class="socialIcon nav-item"><a class="btn btn-ig" href="/el.php?page=https://www.instagram.com/woccu/" target="_blank" aria-label="instagram"><i class="fab fa-instagram"></i></a></li><li class="socialIcon nav-item"><a class="btn btn-yt" href="/el.php?page=https://www.youtube.com/user/WOCCU/featured" target="_blank" aria-label="youtube"><i class="fab fa-youtube"></i></a></li></ul></div></nav><nav id="footer_2" class="navbar"> <div class="container"> <ul class="navbar-nav nav nav-flex-icons float-left"> <li class="nav-item"> <a class="nav-link waves-light" href="https://www.woccu.org/terms">Terms & Conditions</a> </li> <li class="nav-item" > <a class="nav-link waves-light" href="https://www.woccu.org/privacy">Privacy Policy</a> </li><li class="nav-item" ><a class="nav-link waves-light" href="https://www.woccu.org/antitrafficking">Anti-Trafficking Policy</a></li></ul><div class="float-right" style="text-align: right;"> <span>© 2025 <a href="https://www.woccu.org/" class="t_white">World Council of Credit Unions, Inc</a></span><br><span>In partnership with Worldwide Foundation for Credit Unions,<br>a registered 501(c)(3). 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