Commission on Credit Unions
The government established the Commission on Credit Unions on 31 May 2011 to review the future of the Credit Union movement and make recommendations in relation to the most effective regulatory structure for Credit Unions, taking into account their not-for-profit mandate, their volunteer ethos and community focus, while paying due regard to the need to fully protect members’ savings and financial stability. The final report was presented to the Minister for Finance, Michael Noonan, T.D., on 31 March 2012.
The purpose of the report was to inform the preparation of Credit Union legislation and to make recommendations regarding the strengthening of the regulatory framework of Credit Unions. A core recommendation of the report was that the Credit Union sector should be restructured. This should be achieved on a voluntary, incentivised and time-bound basis. The Commission recommended that the restructuring be overseen by a board established on a short-term basis. It was this recommendation that led to the establishment of ReBo as set out in the Credit Union and Co-Operation with Overseas Regulators Act 2012.