Credit Union Managers Association Spring Conference

Chairman, Members of the National Executive of CUMA, ladies and gentlemen. Thank you for inviting me to your Spring Conference. I am pleased to have the opportunity to address you as senior credit union executives and share some perspectives on current challenges and regulatory developments. 

First of all, I would like to thank your Chairman – Tim Molan and members of your National Executive, for their constructive and open engagement with the Registry over the past year.

The role of CUMA in providing professional development training and networking opportunities is very important. Evolving challenges in a rapidly modernising marketplace requires enhanced technical and managerial competence and collaboration. Indeed, in line with our statutory mandate [Section 84 of the Credit Union Act 1997. The Registrar shall administer the system of regulation and supervision of credit unions provided for by or under this Act with a view to (a) the protection by each credit union of the funds of its members, and (b) the maintenance of the financial stability and well-being of credit unions generally.], it speaks to our vision of “Strong Credit Unions in Safe Hands”:

• We see ‘strong credit unions’ as being financially strong and resilient, enabled by sustainable, member-focussed business models underpinned by effective governance, risk management and operational frameworks.

• We see that credit unions are ‘in safe hands’ when they are effectively governed, professionally managed and staffed by competent, capable people who appreciate and prudently manage risks, while successfully meeting members’ product and service expectations.

This morning I intend to share my perspectives on addressing sector sustainability by focusing on four key areas: