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Int'l CU regulators discuss emerging risks, effective supervision
LONDON--The International Credit Union Regulators' Network (ICURN) met here last week to share best practices on effective credit union supervision at the international regulators' annual conference.
ICURN is an independent international network of credit union regulators that promotes the guidance given by the leaders of the Group of 20 (G-20) nations for greater international coordination among financial services regulators. More than 50 supervisors of financial cooperatives from jurisdictions around the world participated in the conference, which was hosted by the Bank of England's Prudential Regulatory Authority (PRA) at its headquarters in the City of London.
The international policy topics reflected similar emerging supervisory concerns in the United States, including interest rate risk, cybersecurity, credit union capital standards, how best to ensure effective credit union corporate governance, and internal and external auditing standards.
ICURN Chairman Martin Stewart, the PRA's head of U.K. Banks and Mutuals, said that even though credit unions and other financial cooperatives vary significantly from jurisdiction to jurisdiction in terms of the level of development and applicable rulebooks, the challenges supervisors face are very similar.
Speakers at the ICURN conference included Andrew Bailey, deputy governor of the Bank of England and board member of the European Banking Authority; and Karl Cordewener, deputy secretary general of the Basel Committee on Banking Supervision.
The World Council of Credit Unions is the ICURN Secretariat.
Use the resource link to learn more about ICURN.
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