Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Changes to Credit Union rules

13 May 2005

Changes to Credit Union rules

Commerce Minister Peter Hodgson today announced proposed changes to the legislation governing friendly societies and credit unions.

A first set of changes comprise:

- Allowing credit unions to decide their own common bond
- Allowing charities and incorporated societies to join credit unions
- Allowing credit unions to determine their own minimum deposit levels
- Remove the requirement to specify charges in credit unions’ rules, and
- Allowing credit unions to extend new services to their members.

It is proposed that these changes, that have already been the subject of consultation with the sector, be made by way of legislation scheduled to be introduced later this year.

Further changes, which will be included in the review of non-bank financial products and providers also announced today, are likely to be in the areas of:

- Amendments to current restrictions to give credit unions more flexibility to borrow and to invest surplus funds, and allow them to hold land
- Allowing credit unions to raise capital by issuing securities to members
- Conferring legal status on credit unions, and
- Allowing credit unions to convert to limited liability companies.

“Credit unions and Friendly Societies play an important role in providing financial services to New Zealanders who do not have access to mainstream banking providers,” says Pete Hodgson.

“The proposed changes, and those to be developed through the review, should give these institutions greater flexibility to grow and bolster their value to consumers and the wider market."

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news