Monday, November 09, 2015

DOHERTY calls on Noonan to act on new Credit Union regulations

Fine Gael TD for Meath East, Regina Doherty, has called on the Minister for Finance, Michael Noonan, to act on the new Credit Union regulations which are set to be enforced on the 1st January 2015.

The Meath East TD said “last month the Central Bank issued a consultation paper (CP88) which entails a number of changes which can only be described as unfair to Credit Union members and uncompetitive in the market.

“In recent weeks I have been calling on Minister Noonan to meet with members of the Credit Union and the Irish League of Credit Unions to hear their concerns with regards these draft regulations. January 1st is only around 
the corner so it is essential that we act quickly.”

Doherty, who is a member of the Joint Oireachtas Committee on Finance, Public Expenditure and Reform has said “I am looking forward to meeting with the Credit Union Development Association (CUDA), members of the Credit Union, the Registrar and insurance specialists on the 25th November where they will brief the Finance Committee on exactly what CP88 draft regulations will mean in practical terms.

“I have been contacted by a large number of members and officials from Credit Unions here in Meath who have voiced their opposition and shared their serious concerns as to what these governing regulations will mean to them. This is both a local and national issue which requires immediate and careful attention.”

Concluding, Doherty said “I am looking forward to attending the Finance Committee later this month and I will continue to do everything in my power to ensure that any proposed changes to the regulation of our Credit Unions will be as fair and as considerate as possible. I will continue to lobby the Minister to ensure that the required amendments are made to this the proposed regulations before enforcement.”

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