Vigilance is crucial as credit unions enter a new era

The new regulator must set out clear prudential rules and standards for the development of the credit union movement, writes Kevin Johnson.

30th December, 2012
Customers need a strong, not-for-profit financial institution to rely on. Photo: Photocall

Now that the credit union legislation has been enacted, attention will move from the legislators to the regulator - the Registrar of Credit Unions (RCU) - in the Central Bank and to credit unions which will be tasked with implementing it.

Some commentators are expecting significant consolidation or shrinking of the sector. But the Credit Union Development Association (CUDA) sees it as an opportunity to finally enable those credit unions with the desire and the...

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