All Posts By

dawn.kennedy@cuda.ie

Update for CUDA Owner Members 21st March ’20

By COVID-19, Owner Members

Hello all,

Your credit union is a vital and essential service in your respective communities. For many members you are their only source of key services, such as access to credit, their income, their savings and payment services. Over the coming months you will continue to be a vital service in overcoming the impact of Covid-19 as members continue to need these key financial services.

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Update for CUDA Owner Member CEOs – re. premises

By COVID-19, Owner Members

Hello again,

Quick update on treatment of premises should a staff member display symptoms of Covid-19 virus and be obliged to self-isolate and/or be tested. We have spoken with HSE officials this am, who were extremely helpful and understanding, and they advise that the staff member effected is immediately sent home, or informed to stay at home, and follow the instructions for self-isolation or request a test as set out at www.hse.ie.

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Important Update for CUDA Owner Member CEOs

By COVID-19, Owner Members

Hello all,

We have just become aware of one credit union, in the South West, where a staff member is obliged to be tested for Covid-19 and this could force temporary closure of that office, for deep cleaning and a replacement front line team. This credit union is fortunate to have a branch network, and therefore the continuation of key services to members is maintained.

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Update for CUDA Owner Members

By COVID-19, Owner Members

Hello all,

We hope you are keeping well as you deal with this unprecedented challenge for everyone. We fully appreciate how difficult it is for you and your teams as you try to support concerned members. CUDA will continue to keep you updated and provide you with as much practical supports as we can. We have a good up-take with regard to the new web form and now have non owner member credit unions requesting access to it.

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Practical solutions to help your credit union cope with COVID-19

By COVID-19, Owner Members

Further to our email last Friday, the situation continues to develop rapidly and we are in unchartered territory. We do not know how long crisis measures will have to be in place and it is difficult to quantify the full financial impact these measures will have on credit union Members, the economy and indeed credit unions themselves. We are aware that you have received many calls from concerned members about their sudden loss of income and how they may be unable to meet some or all of their loan commitments.

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COVID-19 Update

By COVID-19, News

CUDA, and our Member Credit Unions, are following the COVID-19 developments very closely. We continue to monitor the latest advice from the Government and from the HSE, and want you to know that we have plans in place to ensure members continue to be able to access the services they need.

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A message from CUDA [Update on COVID-19 virus related items]

By COVID-19, Owner Members

Hello all,

Thank you for the many queries received as we all monitor carefully the impact of the COVID-19 virus, and it’s potential impact on the credit union business.

It is commendable the important and unprecedented measures that you are implementing to assist with the protection of members, staff and general public health. It is  essential to keep testing the elements of your business continuity plan.

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New lending rules will finally allow Credit Unions to compete

By News

Survey – 3 out of 4 (77%) Consumers believe Credit Unions should compete more aggressively with Banks

  • Some credit unions poised to double or triple loan book size as a result of rule changes to longer-term loans
  • Credit unions disappointed at limited permission to become a key business loan provider and to support Government Housing Schemes

CUDA believes that the new rules which aligns the volume of loans a credit union can issue to their asset size is fundamental, and could enable many credit unions to double or treble their lending in certain loan classes.

Credit unions can and should ‘take on the banks’, according to more than 70% of Irish adults in a recent survey, commissioned by CUDA and conducted by iReach. The majority (74%) of adults believe that credit unions could make a bigger impact and should collaborate to compete with the banks.

Kevin Johnson, CEO of the Credit Union Development Association (CUDA), commenting on the new rules issued by the Central Bank of Ireland today, said  “Up until now the level of loans the credit union should give out was based on the percentage of loans already issued. This was holding credit unions back from providing more loans to support their members and their communities. Now the volume of loans will be based on a percentage of assets of the credit union. With an average of just 28% of assets currently lent out, the Regulations will allow many credit unions to do more loans for more people.

CUDA has persistently lobbied for these changes since 2015 and are delighted that these changes will bring much needed competition to the market for mortgages, home renovations and business loans”.

“We look forward to providing the wider range and higher volume of loans now permitted under the new rules and welcome the Regulator’s commitment to re-evaluating these limits as the sector evolves in these areas of lending. In particular CUDA believes credit unions are ready and willing to help do more in filling the void for business loans left by the banks”.

Kevin Johnson went on to express disappointment that credit unions will be prohibited from supporting aspects of Government Housing Policy such as the Repair and Leasing Scheme. There is no logic, he said, to prohibiting credit unions from providing much needed loans to their members who want to help rebuild Ireland through the Repair and Leasing Scheme. Kevin further expressed disappointment with the limit on the number of business loans a credit union can do in a time when many credit union members who are small businesses are crying out for funding.

CUDA is committed to getting solutions to these issues and will speak directly with the Department of Finance, Department of Housing and the CBI on these matters.

Kevin concluded, “It’s very encouraging to find that 59% of people aged between 18-34 either agreed or strongly agreed with the perception of credit unions being ‘dynamic and innovative’. We have made huge effort and investment in recent years to develop our work in line with advances in technology through our innovation hub, the Solution Centre. In the past three years we have introduced new lending products and these new limit rules from the Central Bank will allow us help credit unions further develop. Our Digital Marketing adverts reached 2.74m people so far in 2019, creating over 18,000 loan leads with a value of €102m. We are committed to broadening the appeal and relevance of the credit union movement among younger generations, and to making our services as accessible as possible, to as many members as we can, both old and new.”

-ENDS