Basel Committee Finalizes First Non-Draft Version of the Consolidated Basel Framework

In response to feedback received to the consultation regarding proposed changes to the consolidated Basel framework, the Basel Committee on Banking Supervision (Basel Committee) published a finalized version of the framework available in a new section of their website found here. The Basel Framework includes 14 standards divided into chapters based on definitive topics. The framework also addresses inconsistencies and ambiguities found in the draft version of the Basel requirements, which prompted the Basel Committee’s consultation that the current version of the framework now acknowledges. An overview of the Basel Framework can be found here; and the full text of the “Launch of the consolidated Basel Framework” can be found here. WOCCU notes that the final Consolidated Basel Framework does make some technical changes, however, the substantive framework as adopted remains intact.  Notably, the standard includes the WOCCU advocated direction on proportionality for national-level regulators.