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Governance and Stewardship of Credit Unions

Governance and Stewardship of Credit Unions. At the end of this unit, students will be able to:. Understand the term “governance” Explain how credit unions are structured Explain how meetings are held and how members are elected

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Governance and Stewardship of Credit Unions

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  1. Governance and Stewardship of Credit Unions

  2. At the end of this unit, students will be able to: • Understand the term “governance” • Explain how credit unions are structured • Explain how meetings are held and how members are elected • Demonstrate their understanding by holding a meeting and electing officers

  3. Credit Unions are financial co-operatives which exist under the following principles: • Open and voluntary membership • Democratic control • Dividend on equity capital • Return on savings and deposits

  4. Credit Unions are financial co-operatives which exist under the following principles: • Return of surplus to members • Service to members • On-going education • Co-operation among co-operatives • Social responsibility

  5. Organisation Structure of a Credit Union

  6. Anti Money Laundering Requirements (Criminal Justice Act) Credit Unions are obliged to: • Identify members and retain certain records • Report to the Garda Síochána (PSNI) and Irish Revenue Commissioners ( Excehquer) any suspicion that a money laundering or financing of terrorism offence or tax evasion has been or is being committed by a member.

  7. Anti Money Laundering Requirements (Criminal Justice Act) Contd • Maintain adequate records of transactions to allow the Central Bank of Ireland or the UK Financial Regulator to monitor compliance • Establish and document adequate and appropriate policies procedures to assist staff to identify money laundering activity • Establish clear reporting procedures to assist staff and management to comply with the reporting obligations set out in

  8. Governance is the system by which Credit Unions are directed and controlled: The governance structure distributes the rights and responsibilities among different participants i.e. directors, supervisors and management. The members of the Credit Union elect the Board of Directors at the AGM. The Board is responsible for the strategic direction of the credit union. Only credit union members over 16 are eligible for election

  9. Under the new Credit Union Act 2012: • Cus governed by a voluntary Board of Directors who are elected by its members at the AGM • Managed by a CEO

  10. Credit Union Regulation • CUs are regulated by the Credit Union Regulator who reports to the Financial Regulator as part of the Central Bank of Ireland. • In Northern Ireland , credit unions are also regulated by a Registrar who is part of the FSA. • The ILCU Irish League of Credit Unions oversees the representation of Credit Unions as does CUDA. • Credit Unions in the ROI are governed by the Credit Union and Co-operation with overseas Regulators Act 2012

  11. (continued) : • 2011 – Commission on Credit Unions makes recommendations on future • 2012 – New Credit Union Act – amends 1997Act • 2012 - Rebo established • 2013 - Fitness and Probity regime introduced • Significant powers for Regulator under new legislation

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