On Sep. 28, IRE CB extended CU knowledge, competence standards.
IRE CB announced new regulations to extend minimum competency requirements for credit unions (CUs); all CU staff in scope will have to obtain relevant qualifications.
Rules further strengthen consumer protection framework for credit union members.
New requirements are in Minimum Competency Code 2017 and Minimum Competency Regulations 2017 (the standards), which will apply to all relevant in-scope CU services.
CU staff providing services within scope of the standards, including, but not limited to, lending and term deposits, must meet minimum knowledge, competence standards.
The standards will mean credit union members are protected in the same way as consumers, using similar services offered by other financial services providers.
The standards were developed following extensive consultation with the credit union sector and are designed to enhance the skillset of credit union staff across Ireland.
As the standards apply to persons exercising certain Fitness and Probity Controlled Functions, amendments also made to Fitness and Probity Regulations for CUs.
The changes will introduce additional controlled functions for credit unions.
Effectiveness
Minimum competency changes will come into effect on Oct. 1, 2024; 4-year transition period, until Oct. 1, 2028; fitness and probity changes effective from Oct. 1, 2024.
CU staff who are currently undertaking in-scope activities can avail of transitional arrangements to comply with the standards and obtain relevant qualifications.
