On the 2nd February last the Irish League of Credit Unions (ILCU) demanded a seperate regulator under the Department for Enterprise Trade and Employment and not the Central Bank Commission it appears because it fears credit unions will be swept up in a regulatory "backlash" against the banks and because some volunteers think the regulator is overzealous. You can read all about it here:http://debates.oireachtas.ie/DDebate.aspx?F=ERJ20100202.xml&Node=H2#H2
With close onto 16% of all household savings at c€13.5bn of which 80% is held by the top 100 or so credit unions (some with over €300m) ILCU seems to want to reverse the clock and move back to a time when it held the regulator captive of its designs.
Yet the current credit union regulator under the FR has been acknowledged as effective in its regulation and supervision of credit unions. Since established in 2003 it has curtailed investments, issued lending and credit risk guidelines, introduced minimum reserve requirements whilst exempting credit unions from mandatory compliance with the consumer protection code, mimimum competency and fitness & probity regimes.
What's really going on? [broken link removed]
Kaplan
With close onto 16% of all household savings at c€13.5bn of which 80% is held by the top 100 or so credit unions (some with over €300m) ILCU seems to want to reverse the clock and move back to a time when it held the regulator captive of its designs.
Yet the current credit union regulator under the FR has been acknowledged as effective in its regulation and supervision of credit unions. Since established in 2003 it has curtailed investments, issued lending and credit risk guidelines, introduced minimum reserve requirements whilst exempting credit unions from mandatory compliance with the consumer protection code, mimimum competency and fitness & probity regimes.
What's really going on? [broken link removed]
Kaplan