The Minister for Finance has launched a public consultation on the General Scheme of the new Credit Union Bill 2012 (the Bill). The General Scheme, which sets out in draft the proposed framework and content for the Bill, was published on the 28 June 2012.
The General Scheme of the Bill is laid out in five main parts, as follows:
- Prudential requirements
- Amendments to the Credit Union Act 1997
The Commission on Credit Unions published its final report on 18 April 2012 and the General Scheme of the Bill reflects the recommendations made in this report. The aim of the public consultation is to assist in further developing the legislation following submissions from interested parties. 10 August 2012 is the deadline for submissions.
For more information on the Bill and the consultation, please click here.