What are the new year’s regulatory resolutions?

It is a new year and our international standard setters are fast at work on their regulatory agenda. This year is shaping up to be a challenging year for everyone with the effects from COVID-19 continuing. I wanted to focus on a few items from the Financial Stability Board’s (FSB) 2021 workplan to keep you informed on the many regulatory items on their agenda. Several of these items include deliverables for the G20 Italian Presidency. Ultimately, the results of their work will likely filter down to changes at the national level. World Council will be engaged throughout every step of this process to make sure the credit union perspective is considered. Here are some highlights:

• International cooperation and coordination related to COVID-19. The FSB will continue to assess vulnerabilities in the global financial system; share information on policy responses; assess their effectiveness and coordinate the future timely unwinding of the temporary measures taken; and monitor the use of flexibility and consistency of policy responses with existing international financial standards.
• Cross-border payments. A number of actions under the FSB roadmap to enhance cross-border payments will be completed, including the development of quantitative targets for the roadmap, a stocktake of data frameworks and exploration of the scope for—and obstacles to—develop a global digital Unique Identifier.

 

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