Irish Credit Union Fined For Compliance Breaches

Law360, London (November 7, 2019, 4:35 PM GMT) -- Ireland’s central bank has slapped one of the largest community lenders in the country with a €185,500 ($236,000) fine for breaching limits on long-term loans.

Savvi Credit Union was also censured for failure to implement internal lending controls, as well as remuneration to a director, which is forbidden under the country's financial rules.

“Credit union lending will continue to be an area of focus for the Central Bank and this enforcement action should send a clear message to the sector that credit unions must take a responsible and prudent approach,” said Seana Cunningham, director of enforcement at the Central Bank....

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