The Credit Union Advisory Committee (CUAC) is a statutory committee established under section 180 of the Credit Union Act 1997 to advise the Minister for Finance in relation to:
- the improvement of the management of credit unions;
- the protection of the interests of members and creditors of credit unions; and
- other matters relating to credit unions.
Four new appointments were made to CUAC in September, in addition to two continuing members. The new committee met for the first time on 15 October 2018 and is currently considering an indicative work plan for the next few years. It will report to me on progress when this new work plan is in place.
In 2017, an Implementation Group was established to oversee and monitor the implementation of recommendations set out in the CUAC’s “Review of Implementation of the Recommendations in the Commission on Credit Unions Report”, published in 2016.
The group is chaired by my Department and consists of one member from each of the credit union representative bodies – the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers' Association, and the National Supervisors Forum – along with one member from the CUAC and a member from the Central Bank. This broad membership ensures participation and encourages contribution from all credit union perspectives.
The Implementation Group submitted 2 papers to the Central Bank in November 2017 on (1) Lending Limits and Concentration Limits and (2) Consultation and Engagement. The paper on Lending Limits included a number of proposals which, if implemented, could provide for a material increase in long-term lending for those credit unions that would have the capability to do so. These proposals were provided for consideration by the Central Bank in its review of the Credit Union Lending Limits. The Central Bank has just issued a consultation paper regarding its review of the Lending Regulations.
I am expecting the Implementation Group to report to me in December, ahead of the completion of the term of that group, with a status update on all of the recommendations from the CUAC report of 2016 and subsequent CUAC policy papers.