As smaller, simpler institutions, credit unions worldwide would struggle under the same compliance burdens shouldered by larger, more complex international banks, according to the World Council of Credit Unions.
The Madison, Wis.-based international trade group made its concerns known Friday in a letter to the Basel Committee on Banking Supervision. World Council responded to the committee's consultative document, Corporate governance principles for banks, which outlined proposed regulatory requirements and director criteria for financial institutions.
World Council noted that the document's sometimes broad-brush approach may not speak clearly to the committee's intent. Including credit unions in the same regulatory framework as large, systemically important banks could hobble their ability to function, if not cripple them outright.
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