CUDA warmly welcomes the positive comments made by Deputy Governor Sharon Donnery in her recent speech, “Evolving with the times, credit unions in a changing landscape.” Her recognition of the significant progress made by credit unions over the past decade, particularly in terms of asset growth, diversification of services, and strengthened governance, is greatly appreciated.
Reflecting on the speech, Kevin Johnson, CEO CUDA stated “We would like to extend our thanks to the CBI Deputy Governor Sharon Donnery for acknowledging that “many credit unions in the sector have built this capacity, and they have prudently engaged in business and mortgage lending.”
This recognition is a testament to the hard work and dedication of credit unions. He added “we firmly believe that the existence of the SAM platform for mortgages and business lending, along with their related support services, has played a significant role in this achievement. The SAM platform has provided the necessary tools and resources to help credit unions expand their lending capabilities and better serve their members.”
“We are particularly encouraged by the Deputy Governor’s announcement of planned changes to the concentration limits and underwriting requirements. These changes, aimed at enabling increased lending activity, represent a significant opportunity for credit unions to further support their members and communities.”
The proposed regulatory adjustments will be subject to a public consultation in early December. CUDA looks forward to actively participating in this consultation process and making a comprehensive submission on behalf of our member credit unions. Our goal is to ensure that the final regulations support the sustainable growth and development of the sector, allowing credit unions to better serve our members’ needs.
We thank Deputy Governor Donnery for her continued support and wish her every success in her new role at the ECB, and we look forward to working closely with the team in the Registry of Credit Unions to implement these important changes.