Credit unions seek rule change

MEMBERS of the Credit Union Development Association (CUDA) told a Dáil committee yesterday it believes the regulation of credit unions should stay within the framework of the existing Central Bank/Department of Finance structure.

CUDA’s chief executive, Kevin Johnson, stressed the organisation, which represents 11 major credit unions in Ireland with 275,000 members, wanted to see substantial reform of the guidelines on what the agencies can lend.

The history of the movement is as a provider of loans to those who otherwise were denied loans, he said. That role is more critical at a time when banks are not lending.