Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Bill Gives Credit Unions Room for Growth

Business Law Reform Bill Gives Credit Unions Room for Growth

AUCKLAND, Monday, 20 November 2006. New Zealand Credit Unions will be granted greater flexibility in the administration of their businesses with the passing of the Business Law Reform Bill.

“These changes are an encouraging sign and a clear indication that the Government, and the various political parties, recognise the important role that Credit Unions play in helping people better their lives. We sincerely thank the Minister of Commerce and her officials for their commitment to the New Zealand Credit Union Movement,” says Doug McLaren, Chief Executive of the New Zealand Association of Credit Unions.

The Association has been lobbying for changes to the Friendly Societies and Credit Unions Act since 1999. The changes passed will allow Credit Unions to determine their own administrative matters.

The sections of the Bill passed relating to Credit Unions are:
 Allowing Credit Unions to determine their own common bond which is needed to identify who can join specific Credit Unions based on their geographical location or affiliation to an employee group or other select groups;
 Allowing charities and incorporated societies to become Credit Union members;
 Allowing Credit Unions to determine the minimum deposit a member must have with a Credit Union;
 Removing the requirement to specify service charges in Credit Unions’ rules and providing the mechanism for the Credit Union to set their fees, levies, or charges without calling for a meeting of members
 Allowing Credit Union associations to provide new services to Credit Unions without Ministerial approval.

“Credit Unions will be able to better meet market demands, in a more timely manner, to provide financial services to New Zealanders who choose to use New Zealand owned Credit Unions as an alternative to other banking providers,” says Mr McLaren.

The Association will be making a submission to the Ministry of Economic Development’s Review of Financial Products and Providers to ensure that a second set of changes to the Friendly Societies and Credit Unions Act 1982 are included in the review. These changes are crucial to the long-term development and sustainability of the New Zealand Credit Union Movement.

New Zealand Association of Credit Unions

The Association was established in 1961 as the Credit Union League and later changed its name in 1989. It acts as the main trade association for Credit Unions in New Zealand and provides a range of products and services to its Member Credit Unions. Its 39 Member Credit Unions operate in more than 95 locations nationwide serving over 175,000 New Zealanders. The Association is a member of the World Council of Credit Unions and an affiliate of the Credit Union Services Corporation of Australia Ltd. The New Zealand Association of Credit Unions is a registered financial cooperative and is not a registered bank.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>


Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing


House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>