Credit Union Handbook
1. Purpose of the Credit Union Handbook
In order to assist credit unions in the implementation of the strengthened regulatory framework (see Section 4 below) the Central Bank has developed a Credit Union Handbook ("the Handbook"). The purpose of the Handbook is to assist credit unions by bringing together in one place a number of legal and regulatory requirements and guidance that apply to credit unions, arising from their authorisation as credit unions.
The scope of the Handbook includes:
- The Fitness and Probity regime for credit unions
- New governance and prudential requirements for credit unions inserted into the Credit Union Act, 1997 ("the 1997 Act") by the Credit Union and Co-operation with Overseas Regulators Act 2012 ("the 2012 Act");
- Existing requirements applying to credit unions contained in the1997 Act
- The Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 ("the Regulations")
- Other requirements that apply to credit unions arising out of their authorisation as credit unions such as consumer protection, anti-money laundering requirements and the EBA Guidelines on the Security of Internet Payments.
On 1 January 2016, the remaining sections of the 2012 Act and the Regulations commenced. These Regulations, combined with the commencement of the remaining sections of the 2012 Act and the prudential and governance requirements already in place, provide an appropriate regulatory framework for the credit union sector at this time.
Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 | pdf 107 KB
A Frequently Asked Questions document ("FAQ") which provides answers to questions relating to implementation of the Regulations is available at the below link.
Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 FAQ | pdf 988 KB
3. Handbook Chapters
The Handbook contains the Chapters set out below. The Introduction Chapter sets out details on the structure, contents and operation of the Handbook.
3. Legal Definitions
4. Accounts and Audit
5. Additional Services
6. Anti-Money Laundering and Countering the Financing of Terrorism
8. Consumer Protection
9. Fitness and Probity
11. Internal Audit
15. Operational Risk
18. Risk Management and Compliance
20. Strategic Plan
21. Transfers of Engagements and Amalgamations
Appendix 1: Documentation required to be maintained pursuant to the 1997 Act
Appendix 2: Enforcement
Appendix 3: Appeals under the 1997 Ac
A consolidated version of the Handbook is available.
To navigate to a particular chapter in this version "click" on the Chapter name on the contents page.
A Frequently Asked Questions document provides answers to questions relating to the implementation of the new governance and prudential requirements.
4. Updates made to the Credit Union Handbook
The Handbook was originally published in 2013. Since
then, updates to individual chapters have been made periodically to update
legislative/regulatory requirements and/or to provide additional guidance.
Detail on the dates individual chapters of the Handbook were last updated is
available at the following link.