Credit unions told only a minority complying with new regulations

Only a minority of credit unions are in compliance with the Central Bank’s new regulations for the sector, according to the registrar of credit unions, Sharon Donnery.

“Our Prism supervisory engagement has illustrated that while some of you are already meeting most of the standards proposed in the new framework, those credit unions are currently in the minority,” she told the Credit Union Managers’ Association conference in Athlone.

“It is also evident to us that these credit unions have clear organisational leadership, tighter risk management, and a better performing business model than their peers in the sector.”