Credit Unions in Poland : Diagnostic and Proposals on Regulation and Supervision
A new amendment to the Law on Credit Unions (CU) dated November 5, 2009, will pass CU supervision to the Polish Financial Services Authority (PFSA), the body that regulates other financial institutions in Poland. Currently, CUs (also known as SKOKs...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2010/12/16344212/credit-unions-poland-diagnostic-proposals-regulation-supervision http://hdl.handle.net/10986/12997 |
| Summary: | A new amendment to the Law on Credit
Unions (CU) dated November 5, 2009, will pass CU supervision
to the Polish Financial Services Authority (PFSA), the body
that regulates other financial institutions in Poland.
Currently, CUs (also known as SKOKs by their Polish acronym)
are regulated under the Credit Union Act of December 14,
1995. In Articles 33-35, the National Association of Credit
Unions (NASCU) was given the responsibility to regulate and
supervise the CUs. However, the new law is not yet
operational, as it is being reviewed by the Constitutional
Court and there is no date set for the Court's ruling.
The law would come into force within sixty days of the
Court's decision confirming that the law is in line
with the Constitution. This report provides information on
the Polish CU experience, analyzes the new regulatory and
supervisory framework created by the new CU Law, and
provides recommendations for its implementation.
Recommendations are accompanied by relevant experience from
other countries. |
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