WOCCU applauds G20 for embracing proportionality in leaders’ declaration
Leaders of The G20 agreed Sept. 9 to a joint declaration that embraces a proportional approach to the newly finalized standards on sustainability and climate-related disclosures published by the International Sustainability Standards Board (ISSB), while addressing a number of other issues that will impact credit union regulations moving forward.
A summary of the declaration as it relates to credit unions can be viewed here.
Issued at this year’s summit in New Delhi, India, with a theme of ”We are One Earth, One Family, and we share One Future”, the Leaders’ Declaration also gives direction on financial inclusion, payments, cryptocurrency, artificial intelligence, anti-money laundering, digitization and gender equality to many of the international standard setting bodies whose guidance is ultimately used by national-level supervisors and authorities to establish regulatory rulebooks for credit unions.
“The embrace of proportionality at the level of the G20, as it relates to the sustainable and climate-related disclosures, will allow credit unions to have rules tailored for their size, risk and unique cooperative structure. This does not mean an exemption, but instead allows the important role of credit unions in transforming their communities to be highlighted and not overrun by complicated rules designed for large, internationally active banks”, said Andrew Price, World Council of Credit Unions’ (WOCCU) senior vice president of international advocacy and general counsel.
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