Row over call for new credit union regulator

THE Credit Union Managers’ Association (CUMA) has voiced its disagreement with the main representative body’s call for a new independent regulator for the credit union movement in Ireland.

While the Irish League of Credit Unions (ILCU) recently told the Joint Oireachtas Committee on Economic Regulatory Affairs that a “one size fits all” approach to regulation wouldn’t be fair to the movement and an independent regulator was needed; CUMA – which represents more than 230 credit union managers – yesterday told the same Dáil Committee that the supervision of credit unions should remain a responsibility of the Financial Regulator.

““We contend, however, that the registrar’s position and function is significantly separate and independent from the regulation of commercial, profit-driven financial institutions,” CUMA’s chairperson, Selina Gilleece told the committee.