In a speech to the Irish League of Credit Unions, the Central Bank of Ireland said the modernised Consumer Protection Code is intended to be applied across the full suite of credit union activities, rather than remaining limited to certain services such as insurance distribution. The Bank is concluding its assessment of consultation responses on that extension, which would close current gaps in statutory protections for credit union members, including in areas such as mortgages, and support credit unions' expansion into more digital delivery models. The speech presented CPC 2025, which came into force for other sectors on 24 March 2026, as a framework for a modernising credit union sector. It highlighted requirements on securing customers' interests, recognising vulnerability and financial abuse, moving from disclosure to effective informing, and designing digital services with transparency on data use and robust cyber safeguards. The Bank said its cost-benefit assessment indicates implementation costs are manageable and that it will support credit unions through the rollout. Kincaid also said the Bank will shortly launch a consultation on a regulatory framework for credit union shared service organisations and urged the sector to expand its role in financial literacy and financial wellbeing under Ireland's National Financial Literacy Strategy.
Central Bank of Ireland2026-05-22
Central Bank of Ireland signals full Consumer Protection Code coverage for credit union services and shared service consultation
The Central Bank of Ireland plans to extend the modernised Consumer Protection Code 2025 to all credit union activities, closing gaps in statutory protections, including for mortgages, and supporting more digital delivery models. It highlighted new requirements on securing customers’ interests, recognising vulnerability and financial abuse, improving information, and ensuring transparent, cyber-resilient digital services, noting that implementation costs are manageable. The Bank will also consult on a regulatory framework for credit union shared service organisations and encouraged credit unions to expand their role in financial literacy and wellbeing under Ireland’s National Financial Literacy Strategy.