Credit Unions leaving League over requirement to buy insurance from League's insurance provider

[Brendan Burgess]

Blow to league as credit union forced out over in-house insurance rule

Another credit union is to leave the Irish League of Credit Unions (ILCU) in what is set to be a major blow for the leading representative body for the sector.

www.independent.ie

Heritage Credit Union, which is one of the 20th largest in the state, has to leave the League because it's getting its insurance cheaper from another provider.

If they don't get their insurance from ECCU, they have to leave the League.

Core and St. Raphael's have already left for the same reason.

Seems odd. Why does the League insist on members buying insurance from ECCU when they can get it cheaper elsewhere?

 

[ClubMan]

I wonder does a CU leaving the ILCU have any obvious impact on members/customers? (Other than them presumably getting better value for money on insurance cover).

 

[Annieindublin]

The league has always maintained that it is a representative body, it’s not a regulator so I’d say it’s no big deal. Eventually the league will have to sort out the insurance issue or lose all its members.