Credit Union (Amendment) Bill 2021

Public bill · Private Member · Introduced

Allows credit unions to offer members extra financial services, as long as those services benefit members and any other legal permissions are in place. It also creates a Credit Union Policy Committee to give credit unions a stronger voice on Central Bank policy and guidance, and requires the Central Bank to take account of the community, volunteer-based nature of credit unions when regulating them. It matters because it could let credit unions broaden what they offer while protecting their local, member-focused model.

Formal long title

Bill entitled an Act to amend certain provisions of the Credit Union Act 1997, in particular, to provide for the amendment of the objects of credit unions to include the provision to its members of additional financial services as are for their mutual benefit; to provide for the establishment of a Credit Union Policy Committee; and to provide for miscellaneous matters relating to credit unions.

Last updated 14 November 2024