FSB Encouraging Flexibility in COVID-19 Response

The Financial Stablity Board (FSB) is encouraging authorities and financial institutions to make use of the flexibility within existing international standards to provide continued access to funding for market participants and for businesses and households facing temporary difficulties from COVID-19, and to ensure that capital and liquidity resources in the financial system are available where they are needed.

The FSB notes that many authorities have already taken action to release available capital and liquidity buffers, in addition to actions to support market functioning and accommodate business continuity plans.

WOCCU continues to urge flexibility by regulators to keep credit union operations functioning and able to finance the needs of their members.

A copy of the FSB release can be viewed here, and WOCCU's recommendations for purdential regulators can be viewed here

Financial Stability Board