Credit union director training in compliance and
This course provides an introduction to governance for newly elected directors of credit unions
focusing on the key policies a board must have in place for the safe, robust operation of a credit union,
particularly in satisfying regulator guidance on credit, credit control, investment and
direction of credit unions. They will understand their roles and responsibilities in participating
at board and committee meetings. Continue reading
Data protection compliance
Check if data protection policies are in place with appropriate security measures, both internally
and externally, to ensure access to data is appropriate and in compliance with the
Data Protection Acts and Codes of Conduct.Continue reading
Member accounting systems compliance
Review of member accounting system, credit decision support system, and loan lifecycle management system for
compliance with statutory requirements.Continue reading
Business continuity and disaster recovery compliance
Review of procedures and systems to ensure business can continue to operate within
defined catastrophe scenarios.Continue reading
Anti-money laundering and terrorist finance compliance
The training programme provides the statutory training to all staff to ensure compliance with the
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 which came into effect on
15 July 2010. The programme focuses on the process of Suspicious Transaction Reporting,
Customer Due Diligence, risk matrix, identification of Politically Exposed Persons.Continue reading
2012-Jan-27 - Changes in EU Data Protection rules.
EU propose harmonised data protection rules requiring disclosure of data loss within 24 hrs, and right to
be forgotten.- The European Commission has proposed a comprehensive reform of the EU's 1995 data
protection rules to strengthen online privacy rights and boost Europe's digital economy.
Technological progress and globalisation have profoundly changed the way our data is collected,
accessed and used. In addition, the 27 EU Member States have implemented the 1995 rules differently,
resulting in divergences in enforcement. A single law will do away with the current fragmentation
and costly administrative burdens...
UE Press release
2011-Nov-08 Risk Management.
The latest Central Bank statistics give objective evidence of many of the loan book problems credit union members
We are seeing a rise in balances on business credit cards - probably one of the few credit lines still
available to businesses and the self employed.
We have a decline in normal lending - home purchase and consumer credit - to 2006 levels, but an increase
in "other" lending over five years. This type of lending is very indicative of borrowing to repay existing loans.
2011-Oct-14 Synopsis Commission on Credit Unions Interim Report.
The report finds that the credit union sector is not under-capitalised. In fact only 14%
of credit unions fail to meet the 10% regulatory reserve ratio, and only 7% are considered to
be seriously under-capitalised. Credit unions are not illiquid. In fact the credit union sector
is excessively liquid, and under lent, with a 2011 loan to asset ratio of 42%.
2011-Apr-05 Anti Money Laundering.
Eric Ducoulombier, EC Deputy Head of Financial Crime,
announces a Fourth Anti Money Laundering Directive will be brought forward in 2012 based on the revised F
inancial Action Task Force 40+9 recommendations, and the Deloitte review of the EU implementation of the 3rd AML/TF.
2011-Apr-01 Press Release
St Raphael's Garda Credit Union Ltd, re-opens in their newly refurbished premises.
John Dolan, IT Service Director, project managed the relocation ensuring there was minimal impact on the credit
Central Bank of Ireland issues consultation paper on determining fitness and probity
of specified senior management and directors. Although this does not apply directly to credit unions, it does apply to
Payment Institutions; and is likely a flag of the direction that will be taken when credit unions are addressed later.
Central Bank of Ireland issues guidance on holding investments and deposits with
Irish institutions, EU sovereign bonds after the degrading of their credit status by Moody's and Standards & Poor.
Central Bank of Ireland apply an administrative sanction of 100,000 EUR for
deficiencies within a stockbroker's trade reporting systems. In publishing the sanction, the Regulator has
highlighted the importance that all IT change programmes must be tested for full compliance with regulatory requirements.
Registrar of Credit Unions introduces new Section 35 rules linking liquidity
ratio thresholds to long term lending, and imposing provisioning rules on rescheduled loans.
2010-Sep-21 Press release
Larry Breen, Compliance Service Director, is awarded first place
in the UCD School of Professional Finance Certificate of Compliance exams. This is the only professional
qualification in compliance recognised under the IFSRA Minimum Competency regime.
2010-Jul-15 Anti Money Laundering
The Minister for Justice signs the commencement order for Criminal Justice (Money
Laundering and Terrorist Financing) Act 2010, transposing 2005/60/EC
and 2006/70/EC (the 3rd AML directive) into Irish law.
2010-Jul-07 Data protection
Data Protection Commissioner publishes new Code of Practice for reporting data breaches.
This code of practice applies to all data controllers and data processors.
2010-Jun-26 Press release
St Raphael's Garda Credit Union Temenos T24 based, CU Plus, core member
management and accounting system goes live.
The Minister for Finance has transposed the Consumer Credit
Directive (2008/48/EC) into Irish law.
2009-Dec-01 Press Release
St. Raphael's Garda Credit Union Ltd, having completed the design
and build phase, appoint John Dolan, IT Service Director, as delivery project manager to ensure go-live of Summer 2010.
2009-Nov-01 Payment Services
The Payment Services Directive takes effect, and classifies credit unions as payment institutions. It imposes code of business rules in particular
relating to value date of payments on all payment institutions.