CUDA acts as a catalyst for the growth, development and expansion of progressive Credit Unions. Our main purpose is to support progressive Credit Unions in delivering their promise to their members to be the most reliable, trustworthy financial partner.
CUDA was formed in 2003 by its members in recognition of the real need for positive credit union leadership and development and as a response to a more competitive and increasingly complex business environment. Today CUDA membership is comprised of Ireland’s most progressive and leading credit unions, with a combined asset base of over €1.5 billion and over 250,000 members.
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.
Click here to read CUDA CEO, Kevin Johnson's recent article in the Irish Independent.
Are Credit Unions being held back? Click here to read CUDA CEO, Kevin Johnson's recent article in the Sunday Business Post.
Objectives of the Credit Union Support Platform: