The Commission on Credit Unions in its final Report recommended a tiered regulatory approach for credit unions. The Central Bank issued a consultation paper on the proposed tiered regulatory approach in order to provide an opportunity for stakeholders to set out their views across a range of issues. I have been informed by the Central Bank that the structure of the tiered regulatory approach has not yet been agreed. The purpose of the consultation process is to seek views from credit unions and other sector stakeholder on:
- the proposed approach to tiering;
- the high level operation of the tiers, including the activities and services proposed for credit unions in each tier; and
- the appropriate timing for the introduction of a tiered regulatory approach for credit unions.
The consultation process was extended by one month to 31 March 2014, at the request of sector stakeholders. The Central Bank is currently considering over 160 submissions received and following analysis of these submissions, will communicate with credit unions and other stakeholders in relation to the proposed next steps.