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CP88 - The Central Bank Consultation on Regulations for Credit Unions on commencement of the remaining sections of the 2012 Act

On 31st July 2015, the Registrar of Credit Unions (RCU) issued her Feedback Statement on CP88 following a consultation period on proposed additional regulations for the credit union sector.  The latest draft regulations are due to commence, along with the remaining sections of the 2012 Act, on the 31st December 2015.

Despite 117 submissions, changes made by the RCU to the proposals set out in CP88 are minimal. The publication of the Feedback Statement which contains the latest draft regulations was followed by an unsatisfactory and unreasonable invitation by the RCU to the representative bodies to review and respond within one week to the document. Requests by CUDA, and other bodies, to postpone publication to allow considered response to the latest draft regulations was refused by the Registrar. Due to the genuine and serious concern for the future development and therefore viability of credit unions as a result of the restrictive nature of the regulations, CUDA wrote to Minister Noonan (13th July 2015) requesting that he does not execute the Commencement Order that would give effect to the regulations and the remaining sections of the Act.

CUDA, along with CUMA and ILCU, also requested a joint meeting with the RCU prior to publication of the Feedback Statement as a demonstration of the seriousness of the regulatory provisions. This, unfortunately, was rejected by the RCU. The three bodies have since released a joint press statement, available here, setting out our joint concerns and have requested a meeting with Minister Noonan. Ongoing meetings with the three bodies continue to consider further actions.

 

Consumers want more from their Credit Unions and they should get it

Click here to read CUDA CEO, Kevin Johnson's recent article in the Irish Independent.

Allow Credit Unions to do what they do best

Are Credit Unions being held back?  Click here to read CUDA CEO, Kevin Johnson's recent article in the Sunday Business Post.

Credit Union Stabilisation Scheme welcome but still flawed

Responding to the Minister for Finance's announcement today, 28th November 2014, on the Credit Union Stabilsation Scheme and the Restructuring Scheme, the Credit Union Development Association (CUDA) said that it welcomed the long overdue statutory based stabilsation scheme but was disappointed that the fund is not being built up by way of deposits from Credit Unions, which they would then own, rather it is a direct expense.  However, we are pleased that the Minister has considered CUDA's request, and extended the time, from six years to ten, under which the fund will amass and that the rate of the levy will be reviewed after 3 years.  This review will also present an opportunity to reconsider the fund as an asset of Credit Unions.

Speaking of the announcement, Kevin Johnson, CEO, Credit Union Development Association, said "While the establishment of the Stabilisation Scheme on a statutory basis is very welcomed, structuring the contributions as an expense seems penal on credit unions and their members, when we believe there is an alternative to build the fund through deposits from Credit Unions."

Credit Union Bill 2012 

The Credit Union Bill was enacted on 19th December 2012.  It is an excellent example of the various stakeholders within a sector working together towards a common objective that's clearly in the best interests of the end consumer; in this case, credit union members.

CUDA wishes to thank the Minister for Finance, Michael Noonan TD, Minister of State at the Department of Finance, Brian Hayes TD, all members of the Oireachtas who demonstrated such strong support for the Credit Union sector in Ireland, and the officials from the Department of Finance who worked so diligently on ensuring this necessary legislation was passed before year-end.

The application of the legislation is primarily the responsibility of the Registrar of Credit Unions and we believe that it should be delivered in a manner that is reasonable, appropriate and transparent.  CUDA recognises the challenge in trying to achieve these worthy principles however, they are essential to preserving the strong bond that exists between credit unions and their members and ultimately to maintaining the uniqueness of the credit union model.

 

CUDA AGM & Conference 2015

The CUDA AGM & Conference 2015 will be held in the Johnstown House Hotel, in Enfield in Co Meath on Saturday 31st January 2015. For more information on the CUDA AGM & Conference please contact the CUDA office.

 

CUDA National Primary School’s Quiz 2015

The CUDA National Primary School’s Quiz will be held at the Tullamore Court Hotel on Saturday, 28th February 2015.  For information about the CUDA School Quiz 2014 Winners please click here.

Credit Union Advisor (CUA)

New Credit Union Advisor Qualification wins approval from Financial Regulator. This was a joint initiative by CUDA and the Credit Union Managers Association CUMA. Please find more information here.

The value based Credit Union model

The ethos and philosophy of a Credit Union is based on helping individuals to help themselves, their families and the wider community in which they live and work.  This cooperative based philosophy, set of values and principles that delivers the Credit Union value based economic and social model continues to stand the test of time.  Collectively we need to ensure that the supports for this model evolve to ensure that they continue to be capable of meeting the ever changing challenges we face.

CUDA have produced a strategic framework that will act as a roadmap to achieve this.  It addresses the key areas of prudential management, the crafting and redefinition of Credit Union business strategy, governance and operations, and finally calls for the introduction of enabling legislation and regulatory framework.

Download the document here.


Our MEDIA Desk

Date
Publication
Title
Oct'12
Department of Finance
Sept'12
Department of Finance
Sept'12
Department of Finance
Sept'12
Department of Finance
Sept'12
Department of Finance
Jun'12
Department of Justice and Equality
Jun'12
Department of Justice and Equality
Jun'12
Irish Examiner
Jun'12
Department of Justice and Equality

Criminal Justice (Money Laundering and Terrorist Financing)(Amendment) Bill 2012

Apr'12
Press Release
Apr'12
Department of Finance
Apr'12
Department of Finance
Apr'12
Department of Finance
Dec'11
Central Bank of Ireland