The Irish League of Credit Unions is deeply unhappy with the proposed amendments to the Central Bank Bill 2010 as set out by the Minister for Finance last week. The ILCU feels that the Minister for Finance and the Registrar of Credit Unions are attempting to control credit unions in an unreasonable way which will ultimately mean that credit unions will be unable to assist their members as they have done in the past.
The proposed amendment to section 35 of Credit Union Act relates to the long term micromanagement of credit unions by the Regulator/Registrar for Credit Unions. The Regulator will impose lending requirements on all credit unions, which will prevent credit unions helping ordinary members with their financial problems.
Credit Unions, which were not consulted on this, want these amendments to be deferred pending the outcome of the Minister for Finance’s Strategic Review of Credit Unions which is being conducted.
The ILCU feels that the “Government and Register of Credit Unions are tying our hands”, and it wants credit union members to contact their local elected representatives and tell them to vote against these proposals in the Dáil and Seanad.
