Credit unions seek sector regulator

THE main representative body for Ireland’s credit union movement has called for an independent regulator for the sector, warning that the proposed reform of the financial regulatory system could damage their business.

Addressing the Joint Oireachtas Committee on Economic Regulatory Affairs, yesterday, Irish League of Credit Unions (ILCU) president Mark Bailey said that a “one size fits all” approach to regulation would not be fair to the movement.

“Our primary concern around the new regulatory structure is that the proposed reforms will directly impact on credit unions, given that we are regulated within the current financial regulatory structure,” Mr Bailey said.