THE CREDIT UNION BILL, published yesterday by Finance Minister Michael Noonan, has been criticised by the lobby group representing most of the credit unions in the country.
The Irish League of Credit Unions (ILCU) said yesterday it is concerned about proposed new laws that would stop volunteers at credit unions from joining its board and ban their family members from becoming directors.
In a statement the ILCU said credit unions consider the prohibitions on membership of a board of directors to be “an attack on volunteerism and anti-democratic”.
“These proposed changes are inequitable, unnecessary and potentially detrimental to some credit unions,” it said.
The bill provides a list of people who are not eligible to become director of a credit union. It includes employees or volunteers and their relations, any public servant involved in advising the Minister for Finance on credit union issues, anyone who is director of another credit union and any credit union member who is in arrears for more than 90 consecutive days.
Yesterday, Minister Noonan said the publication of the bill would “strengthen the regulatory framework for credit unions and provide the basis for a restructuring of the sector over time in a way that is stable and protects credit union members”.
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