Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Britain passes dereg package for CUs
LONDON, England (11/10/11)--A deregulatory package created to help British credit unions and cooperatives more effectively compete and grow has been approved by the British Parliament.

The Legislative Reform Order (LRO) will go into effect Jan. 8. The far-reaching changes will help credit unions and cooperatives in several ways (M2 Presswire Nov. 9), including:

  • Allowing credit unions to accept new types of members, such as partnerships and limited companies;
  • Allowing credit unions to offer interest on deposits;
  • Amending common-bond and membership requirements to allow expansion, consolidation and mergers; and
  • Giving credit unions and cooperatives the flexibility to choose their own year ends and removing the requirement to have interim accounts audited.
"Credit unions in Britain are delighted that legislation reforms have been agreed by Parliament and which free up the sector to compete on a more level playing field," said Mark Lyonette, chief executive of the Association of British Credit Unions (ABCUL). "ABCUL has campaigned long and hard for these changes, so we're happy that credit unions will be able to use the new powers from the New Year."

Lyonette also has called for credit union services to be made available to consumers through Britain's post office network, following an announcement that people no longer will be able to use post office branches to manage the National Savings and Investments savings products (ENP Newswire Nov. 7).


RSS print
News Now LiveWire
Speeches by @billcheney, @RepMikePompeo only part of @TheKCUA's annual meeting http://t.co/KTuun9yaLX
3 hours ago
The Mass. #CreditUnion League Wednesday held a Q&A session with Mass. Banking Commissioner David Cotney.
4 hours ago
Stay tuned for News Now as technical difficulties are addressed.
8 hours ago
Looking for a summer vacation savings account? @GOBankingRates has a #creditunion for you. http://t.co/PCCifO7q62
8 hours ago
.@wichitaeagle highlights #MidAmerican #CreditUnion in Wichita and how it focuses on members w/a personal touch http://t.co/Ut3oUWUCkl
8 hours ago