Adopted as a basis the draft Law No. 5125 “On credit unions”.
The draft law proposes a qualitative and conceptual update of the current Law “On Credit Unions” in order to consolidate new approaches to the regulation of the market of credit unions and the activities of credit unions.
In particular, the bill proposes to: expand the list of services that credit unions will be able to provide to their members, increase the availability of financial services to the general public, improve licensing and corporate governance requirements in credit unions, increase the level of capitalization and stress resilience of credit unions to strengthen the reliability of the sector and consumer confidence in it, improve the procedure for holding general meetings of credit union members, introduce a risk-oriented approach to the supervision of credit unions, introduce the system of early risk prevention for quick response to possible problems in the activities of the credit union, as well as to improve the procedure of voluntary and forced exit of credit unions from the market.
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