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

 


Members Bill to provide legal status to Credit Unions

Peseta Sam Lotu-Iiga
MP for Maungakiekie


27 June 2013
Media Statement

Members Bill to provide legal status to Credit Unions

Peseta Sam Lotu-Iiga, MP for Maungakiekie, has announced that he will introduce a Private Members Bill to Parliament aimed at providing legal status to Credit Unions.

Credit Unions currently operate under the Friendly Society and Credit Unions Act 1982 and are unincorporated entities without their own legal status.

“This is an unusual situation for a modern financial institution as assets of the credit union need to be held in a trust by credit union trustees, who are also members of the credit union board.” Mr Lotu-Iiga says

“This adds unnecessary compliance costs, reduces organisational responsiveness and confuses members of the credit union and public.”

“This bill is aimed at giving these institutions their own legal status, clarifying an archaic administrative process and will mean that credit unions will invest more of their funds in assisting their members and not on compliance.” Mr Lotu-Iiga says

“It also reinforces part of our Business Growth Agenda, through strengthening our Capital Markets, building investor confidence and growing the economy.”

“I want to thank Henry Lynch, Chief Executive of the NZ Association of Credit Unions, for bringing this issue to me. I look forward to placing a bill in the ballot, getting it drawn, and then progressing it through the House.” Mr Lotu-Iiga says

--ENDS—

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news