The Department of Finance recently published a Consultation Paper titled “Capping the cost of Licensed Moneylenders and other regulatory Matters”. CUDA responded to the Paper recommending a statutory cap on moneylenders’ interest rates.
AIB apologise to customers who topped-up their loans and were provided with incorrect information on their credit agreements
CUDA welcomes the proposed reduction in annual contributions by credit unions to the Resolution Fund but calls on transparency in the methodology used for determining the new proposed funding requirements.
CUDA has updated the Outsourcing Policy in light of recent publications including: Central Bank’s Findings and Issues for Discussion Paper on Outsourcing (November 2018), and EBA revised Guidelines on Outsourcing ArrangementsOutsourcing will be high on Central Bank’s supervisory agenda during your PRISM engagements. The recent circulation from RCU re outsourcing service risks dated 8th May 2019 is a further indication of this.
A PIA (Data Protection Impact Assessment) assesses the impact on privacy with the introduction of a new project, service or product which involves the processing of personal data. GDPR provides that a PIA is mandatory when an organisation uses new technologies and processes personal data in a way that is likely to result in a high risk to the rights and freedoms of an individual (Art 34).