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Credit Unions

New benefits with First Credit Union

Article Date: 
Tuesday, April 28, 2015

ABOUT

Many FIRST Union members will remember United Credit Union (UCU), but on 1 February 2015 UCU members joined forces with First Credit Union.  UCU is now First Credit Union. 

UCU was formed in 1938 as the Post Office Investment Society, a non-profit co-operative bank.

New law for credit unions

Friday, December 6, 2013

Parliament has passed a law introducing a licencing regime for some financial institutions, including credit unions.

The Non-bank Deposit Takers Act 2013, which is expected to come into force in May 2014, covers finance companies, building societies, and credit unions.

It gives the Reserve Bank new powers to intervene if a NBDT gets into trouble, and retains existing risk management and governance requirements.

Credit unions reject being lumped in with finance companies while having completely different business models.

Concerns aired on closure of bank

Date of Release: 
16/08/2012

 About 100 people gathered outside the Lawrence branch of NZCU South yesterday to voice their concerns about its closure.

Credit union staff to hold protest

Date of Release: 
14/08/2012
First Union - representing some of the 17 NZCU South credit union staff who are to be made redundant around the South Island - will hold a protest over the decision in Lawrence this week.

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