In the ombudsman’s recently published decisions there were two cases of particular interest to credit unions. Decision Reference 2020-0220 – Appropriate safeguards on a junior account; and Decision Reference 2020-0266 – Reduction in Life Savings Cover applicable to members savings Safeguards on a junior account The Ombudsman upheld the complaint and directed the bank to reimburse the account with all of the withdrawals which were permitted contrary to the mandate. Credit Unions should be clear and should ensure that parents and guardians are also clear that the funds in the account of a minor are for the sole use of the minor and cannot be accessed by a third part. Mandates on these accounts should be very carefully applied Check out Michelle’s article for more information: https://www.rbk.ie/news/childrens-accounts-credit-unions-how-to-avoid-an-expensive-claim Reduction in Life Savings cover Many credit unions have already reduced life savings cover to reduce the costs of free benefits. While it was never in doubt that a credit union had the authority to do this it is comforting to know that there is a legally binding decision around this. Key points to note for credit unions making these changes are: Clear communication with members in accordance with consumer protection best practice Review of all documention to ensure that members are fully aware of the terms and conditions which apply and also that changes can be made by the board at any time RSS Error: No feed items for your specific filters. Michelle’s Links: Afanite: https://www.rbk.ie LinkedIn: https://www.linkedin.com/in/michelleodonoghue/

Since 2015 Lorraine Corcoran has been heavily involved in Credit Unions through her work delivering the "It makes sense loan" through the personal micro-credit scheme. Lorraine is currently the chair of the Credit Union Advisory Council (CUAC) where her contributions are invaluable as Credit Unions try to pave a positive way forward. Having worked with Bank of Ireland for 20 years Lorraine changed her career following the completion of a master's and now focuses on ensuring the corporate world understands and plays its part in the social economy. Lorraine's Links: Afanite: https://www.afanite.com/ LinkedIn: https://www.linkedin.com/in/lorrainecorcoran/ It Makes Sense: https://itmakessenseloan.ie/ CUAC: https://www.gov.ie/en/publication/92dc08-credit-union-advisory-committee-cuac/

Myself and Finbarr O'Shea discuss how I'll represent rural and small Credit Unions if successfully elected to the Irish League of Credit Unions board. We also discuss challenges presented by Share Caps and a simple solution to the problem. The need for CUs to get involved in Social Housing and the benefit of having grassroots initiatives driven by Credit Unions from the ground up.

In my podcast introduction, I chat with Vivienne Keavey, CEO of RTE Credit Union about my podcast and what it is all about.