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

 


Credit union rules to change

Hon Craig Foss
Minister of Commerce

24 July 2014

Credit union rules to change

Commerce Minister Craig Foss says changes are underway to give credit unions improved legal status and promote innovation, efficiency and accountability in the industry.

“Better regulation is a top priority for this Government. We will soon introduce legislation to update the Friendly Societies and Credit Unions Act 1982,” Mr Foss says.

“Credit Unions play a valuable role in our communities and financial sector.

“This legislation will contain a number of amendments to give credit unions legal status and reduce unnecessary operating and compliance costs.

“Credit unions are currently unincorporated associations rather than bodies corporate. The New Zealand Association of Credit Unions has been calling for legal status as bodies corporate to enable credit unions to have limited liability, own property, have perpetual succession and sue and be sued in their own name.

“Credit Unions will also be able to offer loans directly to small and medium enterprises related to members of the credit union. This will avoid the current law’s cumbersome process of making the loan to a member of the credit union who then on-lends it to the organisation.

“Continuous improvement and review is necessary to keep New Zealand’s regulatory framework fit for purpose and to eliminate any unnecessary costs of doing business.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Gordon Campbell: On The IOC’s Treatment Of Russian Sport, And Lone Wolf Terrorism

A blanket ban on Russian athletes would also have exposed the IOC to criticism that its treatment of Russia would have been marked contrast to its treatment say, of the track and field team from Kenya – a country about which the IOC has very similar doping concerns. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news