THE globe

CU News From Around the Planet

BASEL, Switzerland—The World Council said it led an effort to persuade the Basel Committee on Banking Supervision to endorse proportionality, which allows national and regional financial regulators to prescribe compliance standards for credit unions that are less burdensome than those required by Basel III and other international financial regulatory standards.

SAN JUAN, P.R.–A Puerto Rico credit union, Cooperativa de Ahorro y Credito Vegabajeña, has filed suit against the island’s Employees Retirement System (ERS) to enforce its statutory liens over 37 claims it has against the entity resulting from defaulted loans given to employees.