Election 2016 – Credit Union Manifesto

By February 22, 2016Uncategorised

The value that credit unions bring to Ireland is rooted in the simple co-operative business model of local people saving together and lending to other constituency members at affordable interest rates, and any evaluation of credit unions must be an overall positive one.

 Since 1958 Credit Unions have improved the lives of millions of Irish people, they are poised to do so much more – your local credit union needs your help to deliver for your constituents.

As an election candidate do you want to help the credit union movement help more people? If yes, see below for what you can do…

  1. Ensure the uniqueness of the credit union model is not sacrificed to strengthen banks – end generic laws and rules that do not recognise the local credit union difference;
    • Establish a ‘Select Sub-Committee on Credit Unions’ to consider legislation, policy and related matters;
    • Prevent the erosion of our credit union model by ensuring EU rules transposed in Ireland are appropriate for credit unions;
    • Ensure introduction of proportionate regulations as required by law – appropriate tiered regulation that is realistic, flexible, attainable and operational;
  2. Enhance the Credit Union Act ‘97 to allow credit unions lend to Housing Bodies for Social Housing;
  3. Include credit unions in State backed initiatives, such as the credit guarantee scheme, and let them support SMEs;
  4. Help modernise membership communication by reforming requirements for how member engagement must happen;
  5. Ensure micro-management by Regulators permits fair competition for members
    • who wish to use their credit union for their savings,
    • who want their credit union to provide more longer term credit such as home loans;
  6. Introduce a Rulebook that transparently sets out processes for all regulatory engagements.

For more information, contact CUDA at info@cuda.ie or 01 4693715.