The authors of the review said the Central Bank should engage with credit unions on plans they develop stemming from legislation enacted last year to boost the movement.
“As appropriate and where it is demonstrated that such proposals progressed by credit unions are prudent and sustainable, increased lending should be prioritised to balance the strategic risk associated with the declining profitability of the sector,” the report said. The review team said there have been improvements in how the Central Bank has performed its functions regulating credit unions since it was last subject to an international peer assessment in 2019. However, it highlighted scope for improvement in the areas of the risk management and management of operational risk, including cyber security, fraud, and climate-related risks.
It added that the registry will need to adapt its approach to ensure that “mission critical service providers to credit unions are prudently managing their risks”.
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