The Central Bank of Ireland today (12 September 2013) announces the publication of the Credit Union Handbook.
Registrar of Credit Unions, Sharon Donnery, said: ‘The Credit Union Handbook will support credit unions in their implementation of the new regulatory framework by bringing together in one place a number of legal and regulatory requirements and guidance that apply to credit unions.’
In addition to existing requirements that apply to credit unions the scope of the Credit Union Handbook also includes:
Details of the Fitness and Probity regime for credit unions which commenced on 1 August 2013; and
New governance and prudential requirements being inserted into the Credit Union Act, 1997 by the Credit Union and Co-operation with Overseas Regulators Act 2012 that will apply to all credit unions from 1 October 2013.
The Credit Union Handbook was initially issued 1 July 2013 in draft format to facilitate feedback from credit unions and has been updated taking account of feedback received.