CB consultation on regulation of Credit Unions

[Brendan Burgess]

I missed the launch of this Consultation Paper on the introduction of a back in December. The closing date was 28th February, but I am sure that if anyone had a good idea, they would consider a late submission.

The report of the Commission on Credit Unions noted this wide range in asset size and recommended that a tiered regulatory approach be adopted . Under the tiered regulatory approach ,credit unions that wish to operate a limited business model would be subject to a simpler regulatory regime and those that are capable of and wish to offer a more sophisticated
business model would be subject to a more sophisticated regulatory regime proportionate to the nature, scale and complexity of the credit union.

 

[CUJimmy]

Cp 76

the central bank extended the deadline to the end of March and I believe a lot of stakeholders in the movement have made submissions. This is not surprising given that the consultation document proposes a very restrictive business model for credit unions.