Regulator berates credit unions over compliance

The Central Bank has berated the boards and senior managers at credit unions after a review revealed some lenders had failed to comply with regulatory controls.

The regulator now plans to write to all credit union boards and pursue a programme of improvements with the unnamed lenders which were subject to the review.

The Central Bank’s fitness and probity review investigated how well a cross-section of credit unions complied with regulations demanding that they maintain records and how well the nomination committee did its job in ensuring it monitored the fitness of professional staff to do their jobs.