No tiered regulatory framework for credit unions, says Central Bank

The Central Bank does not propose to introduce a tiered regulatory framework at this time in view of the significant amount of changes facing the credit union sector.

In a lengthy paper following extensive consultation with credit unions, the bank said it plans to take a number of immediate steps. These include developing regulations for the sector under the regulation making powers in the 2012 Act.

“These regulations will contain a set of requirements that will apply to all credit unions, including regulations on lending, savings, investments, borrowings, liquidity and reserves, and will take account of the existing regulatory framework and feedback received on CP76.”