MADISON, Wis.—The European Council presidency and European Parliament have reached a provisional agreement on the Digital Operational Resilience Act (DORA) that allows for the “proportional treatment” of credit unions under new regulatory requirements on the security of financial institution network and information systems.
The proportional treatment also applies to ICT- (information communication technologies) and related services to them, such as cloud platforms and data analytics services, according to the World Council of Credit Unions.
WOCCU and its partner, the European Network of Credit Unions, had been advocating for the proportional approach included in the agreement, which will allow policymakers to consider the size, nature, scale and complexity of credit union services, activities and operations, the organizations said. The ENCU is comprised of credit union member associations from Croatia, Estonia, Ireland, Netherlands, North Macedonia, Poland, Romania and Ukraine.
The provisional agreement embraces the WOCCU/ENCU proportionality approach in several ways, but most importantly by allowing member states to establish rules for those entities that are exempt under the EU Capital Requirements Directive (CRD IV exempt under Article 2(5) of Directive 2013/36/EU), according to the World Council.
‘Thanks for Listening’
“We thank the European Parliament for listening to our needs and tailoring rules that are appropriate for credit unions, while also accomplishing our mutual goal of protecting our members information from ICT breaches and ensuring the safe and sound operations of financial institutions,” said Andrew Price, WOCCU senior vice president of Advocacy and general counsel.
WOCCU and ENCU said those who were key to getting the agreement included:
- MEP Billy Kelleher (Ireland)
- MEP Mairead McGuinness (Ireland)
- The ENCU Member States (Croatia, Estonia, Ireland, Netherlands, North Macedonia, Poland, Romania, and Ukraine) and the European Commission
Continue to be Engaged
WOCCU and ENCU said they plan to continue to be engaged as the agreement obtains approval by the Council and the European Parliament, before going through the formal adoption procedure.
ENCU members involved during this process include representatives of the Irish League of Credit Unions (ILCU), National Association of Co-operative Savings and Credit Unions (NACSCU) of Poland, Federation of Romanian Credit Unions (FEDCAR), Estonian Union of Credit Cooperatives (EUCC), North Macedonia's FULM Savings House and the Dutch Association of Cooperating Credit Unions (VSK).
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