Each credit union is an autonomous organisation and manages its own affairs. Credit unions are regulated by separate legislation in both the Republic of Ireland and in Northern Ireland. The Irish Financial Services Regulatory Authority is responsible for Southern Irish credit unions and the Registrar of Credit Unions for Northern Ireland for Northern Irish credit unions.
The Irish League of Credit Unions is the representative and service body for all affiliated credit unions on the island of Ireland. The ILCU is administered by a board of directors elected at its Biennial Delegate Meeting by delegates from affiliated credit unions. Each affiliated credit union has two votes.
Structure of a Credit Union
Your Credit Union Board and its Committees
The members of a credit union elect a board of directors at its AGM. The board is responsible for the control, direction and management of the affairs, funds and records of the credit union. Only credit union members are eligible for election to the credit union board & its committees. It is important therefore that members attend their AGM.
Once elected the credit union board meets and elects a president (chairman), vice-president, honorary secretary and honorary treasurer. It also appoints committees to enable the work of the credit union to proceed smoothly until the next general meeting of members.
The members of a credit union also elect a supervisory committee, whose responsibility it is to check the books of the credit union and evaluate its operation. All supervisors must be members of the credit union and ensure that the board is acting within the law and in the best interests of the members.
An important committee in the credit union is the credit union is the Credit Committee. This committee considers loan applications whose function is to ensure fair and equal treatment for all.
The board also appoints other committees such as planning & development, education committee, youth committee & credit control committee.
By law members of the board of directors and supervisors serve without pay. As the credit union grows the board may appoint full time staff, who are responsible to the directors through the treasurer or manager for the day-to-day running of the credit union.
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