World Council congratulates Neil Esho on his newly appointed position and the Basel Committee on Banking Supervision. The Basel Committee announced that their former Deputy Secretary General, has been appointed to Secretary General. Esho’s three-year term will begin next month in February 2022. World Council has previously met with Esho, then Deputy Secretary General, in March 2019 to support proportionality and discuss the effect of overburdensome regulations on credit unions. World Council followed the meeting with a letter urging Esho and the Basel Committee to “issue additional guidance on proportionality in regulation in the form of a set of high-level principles or weighing-factors on when less complex regulatory approaches can be warranted, such as:

• Whether the institution has cross-border operations;
• The complexity of the institution’s assets and liabilities; 
• The asset-size of the institution;
• The extent of the institution’s leverage;
• The institution’s interconnectedness with the financial system;
• The degree to which the institution reports to multiple prudential supervisors;
• The extent and nature of the institution’s off-balance-sheet exposures; and
• The mix of business activities of the institution, such as whether it engages in community banking, commercial banking and/or investment banking.”

More information on Neil Esho’s appointment is available here.