The European Commission has opened a public consultation regarding the next stages in their implementation of final Basel III reforms in the EU. The EC aims to use the consultation as a means to shape the next wave of banking regulation proposals for next year. According to the EC, “the Commission services aim to gather stakeholders’ views on specific topics in the areas of credit risk, operational risk, market risk, credit valuation adjustment risk, securities financing transactions as well as in relation to the output floor.” The EC expects the solicited comments will ensure “convergent and consistent supervisory practices across the Union and alleviating the administrative burden.”[1]

WOCCU looks forward to responding to the EC’s questionnaire by the January 3, 2020 deadline, and will ensure that the critical issues that affect credit unions are represented.

[1] Public Consultation: Alignment EU rules on capital requirements to international standards (prudential requirements and market discipline)