Credit union leaders welcome recommendations

CREDIT union leaders have roundly welcomed the Government-appointed co-mmission’s sweeping recommendations, admitting that greater regulation is essential to their future.

The Credit Union Managers’ Association (CUMA) said it recognised the challenges that rising arrears, and failures to pay dividends over a prolonged period presented. “We also recognise that immediate regulatory resolution interventions will be necessary in a limited number of cases,” it said.

In welcoming the proposed tightening of the regulatory framework, CUMA said the changes being proposed “will strengthen member protection and ultimately strengthen the sector”.