CUMA Autumn Conference 2017

CUMA will host their Autumn Conference on 12th and 13th of September at the Hodson Bay Hotel, Athlone. The theme of this conference is 'Connecting'.

Full agenda and participating exhibitors available to download here. CUMA Autumn Conference 2017 Brochure Final

Registrations are now closed for this event.

 


Consultation on Transposition of the Deposit Guarantee Directive

Consultation on Transposition of the Deposit Guarantee Directive

The Minister for Finance, Michael Noonan TD, invites interested parties to make submissions in relation to the transposition of the Deposit Guarantee Directive.

The Directive which applies to all credit institutions, whether banks or credit unions, entered into force on 4 July 2014 and is required to be transposed into Irish law by 3 July 2015 in order to be applied from 4 July 2015.

The Directive has the following objectives:

  1. to consolidate the existing Directives, due to the number of changes which have taken place since it was first introduced in 1994;
  2. to introduce greater harmonisation in areas such as the funding mechanism of DGSs, the introduction of risk-based contributions, level of coverage and the harmonisation of the scope of products and depositors covered;
  3.  to allow the DGS greater flexibility in how it is used, e.g., it is just not to be confined to a pay box function, but also can be used in a resolution context for banks.

The consultation period will run from 22 May to 12 June 2015, a period of three weeks.

Download Consultation Paper below:-

Deposit scheme public consultation May 2015 pub


Central Bank Feedback Statement in respect of CP93

Central Bank Feedback Statement in respect of CP93

The Central Bank of Ireland has published its feedback statement in respect of CP93 Central Credit Register.

http://www.centralbank.ie/press-area/press-releases/Pages/FeedbackonCentralCreditRegisterconsultationpublished.aspx

The feedback statement sets out the Central Bank’s position, including key decisions that have been make following the consultation. It includes the Central Bank’s responses to the submissions and an outline of the proposed next steps and associated timelines in respect of the implementation of the CCR. It also provides an overview of additional feedback received and the Central Bank’s response to this feedback.

20 submissions were received in response to CP93. The Central Bank would like to thank all parties who took the time to make a submission on CP93.

All submissions received are available on the Central Bank website.


Central Bank Feedback Statement in respect of CP93

The Central Bank of Ireland has published its feedback statement in respect of CP93 Central Credit Register.

CP93 Central Credit

The feedback statement sets out the Central Bank’s position, including key decisions that have been make following the consultation. It includes the Central Bank’s responses to the submissions and an outline of the proposed next steps and associated timelines in respect of the implementation of the CCR. It also provides an overview of additional feedback received and the Central Bank’s response to this feedback.

20 submissions were received in response to CP93. The Central Bank would like to thank all parties who took the time to make a submission on CP93.

All submissions received are available on the Central Bank website.


Report on Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Funds Sector released

Report on Anti Money Laundering - Nov 2015

  • Firms have responded positively to previous communications but some more work required to effectively manage money laundering/terrorist financing risk
  • The Central Bank expects all Funds and Fund Service Providers to carefully consider the issues raised in its report

The Central Bank of Ireland today published a report of its observations on Anti-Money Laundering, Countering the Financing of Terrorism and Financial Sanctions compliance by Funds and Fund Service Providers in Ireland.

The report is based on on-site inspections carried out by the Central Bank in relation to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended by the Criminal Justice Act 2013).

Head of Anti-Money Laundering at the Central Bank Domhnall Cullinan said:

Latest figures show that Irish domiciled funds have a net asset value of almost €1.8 trillion, making the Irish funds industry a significant part of the Financial Services sector. Any business with such a large variety and amount of customers, high values and volumes of transactions and a cross border nature is attractive for money laundering/terrorist financing.

The Central Bank acknowledges that many firms had responded positively to previous Central Bank communications but, as the report identifies, more work is required by firms in Ireland to effectively manage money laundering/terrorist financing risk. The Central Bank expects all Funds and Fund Service Providers to carefully consider the issues raised in the report, and to use the report to inform the development of their AML/CFT and FS frameworks.

The issues identified in the report include:

  • Reliance on third parties to conduct elements of customer due diligence in circumstances where the arrangement with the third party does not fully meet all required conditions, and more generally, a lack of oversight from Funds of service providers carrying out AML/CFT functions on their behalf;
  • Insufficient evidence of effective on-going monitoring of investor transactions;
  • A lack of procedures and controls for ceasing the provision of services to and discontinuing business relationships with investors who have failed to provide the required or updated customer due diligence documentation or information requested by firms;
  • Deficiencies in the on-boarding process of Politically Exposed Persons, including the failure to sufficiently identify, verify and document Source of Funds and Source of Wealth, and the failure to document senior management approval.

Notes

  • The report is based on on-site inspections carried out by the Central Bank over the course of 2014, supplemented by Risk Evaluation Questionnaires completed by Firms and submitted to the Central Bank for assessment.
  • The Financial Action Task Force, the inter-governmental body developing and promoting policies to combat Money Laundering/Terrorist Financing recommends that relevant competent authorities co-ordinate and share information. This Report is also informed in part by the Central Bank’s interaction with other competent authorities.

CUMA Autumn Conference 2015

CUMA held its' Autumn Conference on Tuesdsay 1st and Wednesday 2nd September at the Hodson Bay Hotel, Athlone.

It was another successful and well attended event by Credit Union CEO's and Managers, together with a large number of exhibitors and service providers to credit unions.

CUMA also wishes to thank all guest speakers that presented to delegates over the course of the two days. The sessions were very informative and a cause for reflection.

CUMA wishes to thank all exhibitors and sponsors for their continued support and presence at the event.

 

 


Press Release

Access to Savings and Credit restricted by New Rules for credit unions

The Irish League of Credit Unions (the League), the Credit Union Development Association (CUDA) and the Credit Union Managers Association (CUMA) are greatly concerned with the publication today by the Central Bank of Ireland of its Feedback Statement on CP88 together with a complete range of regulations which are due to apply to the credit union movement in the new year.

Read full Press Release on the link below

Press Release re CP88 feedback and final regs FINAL


Central Credit Register Consultation CP 93

The Central Bank of Ireland has today (17 April 2015) published a consultation (CP93) entitled ‘Central Credit Register’ (CCR).

The Credit Reporting Act 2013 mandates the Central Bank to establish, maintain and operate the CCR.  The development of the CCR is an important financial sector reform contributing to financial stability and consumer protection, which will have implications for lenders and borrowers.

The consultation seeks views on a number of matters on which the Central Bank has some discretion when CCR regulations are being made.  These primarily relate to the phasing of implementation of the CCR and include:

  • Reporting of borrowers to the CCR;
  • Reporting by  lenders to the CCR;
  • Collection of credit application data;
  • First point of reporting of credit agreements to the CCR;
  • Extent of historic data to be collected;
  • Single borrower view - accurately identifying CISs;
  • Collection of foreign credit data;
  • Collection of guarantor data;
  • Levies and fees.

The Central Bank welcomes comments and views from all interested parties.

Submissions are invited from interested parties by 12 June 2015. Submissions should be marked ‘Central Credit Register’ and sent to ccr@centralbank.ie or Central Credit Register, Central Bank of Ireland, Block D, Iveagh Court, Harcourt Road, Dublin 2.

It is intended that submissions will be published on the Central Bank website www.centralbank.ie.

Download CP93 Central Credit Register below:-
CP93 Central Credit Register

Download Central Credit Register - FAQs belwo:-
Central Credit Register - FAQs


Consultation on Transposition of the Deposit Guarantee Directive

The Minister for Finance, Michael Noonan TD, invites interested parties to make submissions in relation to the transposition of the Deposit Guarantee Directive.

The Directive which applies to all credit institutions, whether banks or credit unions, entered into force on 4 July 2014 and is required to be transposed into Irish law by 3 July 2015 in order to be applied from 4 July 2015.

The Directive has the following objectives:

  1. to consolidate the existing Directives, due to the number of changes which have taken place since it was first introduced in 1994;
  2. to introduce greater harmonisation in areas such as the funding mechanism of DGSs, the introduction of risk-based contributions, level of coverage and the harmonisation of the scope of products and depositors covered;
  3.  to allow the DGS greater flexibility in how it is used, e.g., it is just not to be confined to a pay box function, but also can be used in a resolution context for banks.

The consultation period will run from 22 May to 12 June 2015, a period of three weeks.

Download Consultation Paper below:-

Deposit scheme public consultation May 2015 pub


CEO Development Seminar

A successful CEO Development Seminar was hosted on Thursday, 16th April 2015 at The Heritage Hotel, Killenard. As the CEO of a Credit Union you are fully aware of the strategic challenges facing you as a leader and facing the credit union movement at this time. This unique one day Masterclass with Professor Earl Sasser of Harvard Business School was organised by CUMA and the Timoney Leadership Institute and will set you up to take advantage of the opportunities that exist to develop and enhance the service which your Credit Union provides to your members.