The Credit Union Act 2012 and 01 October 2013

The 1st of October 2013 was the commencement date for certain sections of the Credit Union and Co-operation with Overseas Regulators Act 2012 relating to Governance and prudential requirements for credit unions in Ireland.

These include a new governance framework introduced in Part IV of the 1997 Act.

The main-points of this Framework include;

  • Governance arrangements to ensure effective oversight of the credit union

  • That the Board remains responsible for the general control, direction & management of the credit union.

  • The separation of responsibilities for oversight and execution within the credit union.

  • A clear organisational structure that documents roles & responsibilities.

  • The framework also sets out the governance structure for the credit union including the functions & operation of the:

    • Board of Directors
    • Chair
    • Manager

    • Board Oversight Committee

    • Nomination Committee

    • Other Board Committees

The Act also requires the board of directors to appoint a compliance officer and a risk management officer to manage the compliance and Risk Management Function of the credit union.

Duffy & Company Advisors • Accountants • Auditors have been providing professional services to credit unions for over 40 years.

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