The Committee on Finance, Taxation and Customs Policy recommends adopting the draft law on credit unions

Information Department of the Verkhovna Rada of Ukraine Secretariat
22 March 2021, 14:20

The Committee on Finance, Taxation and Customs Policy considered the draft law No. 5125 "On credit unions".
Presenting the bill, MP Ella Repina noted that it is proposed to update the current Law "On Credit Unions", including expanding the list of services provided to credit unions, improving the licensing procedure, union management system, capital structure requirements.
The bill also provides for increasing the level of capitalization and stress resilience of credit unions to strengthen the reliability of the sector and consumer confidence, improve the procedure for holding general meetings of members of credit unions, introduce a risk-oriented approach to supervision, implement a system of early risk prevention to respond quickly to possible problems in the activities of the credit union, as well as improve the procedure for voluntary and forced exit of credit unions from the market.
According to the Chairperson of the Committee Danylo Hetmantsev, the adoption of the bill will create preconditions for the functioning of a stable, efficient, competitive and transparent market of credit unions and will increase the protection of the rights of members of such unions.
Based on the results of the consideration, the Committee recommends to include in the agenda the draft law No. 5125 “On Credit Unions” and to adopt it as a basis.