Regulation hampers credit unions’ customer offering

Excess regulation is hampering credit unions’ ability to provide basic services such as debit cards to their members despite an EU directive aimed at ensuring those services are available to citizens in every country.

The Credit Union Development Association is calling for a review of the Central Bank’s implementation of recommendations made by the Commission of Credit Unions.

Chief executive Kevin Johnson said regulation needs to ensure customers have access to basic financial services while limiting risks the provider can take on.