As CMutual and its underwriter pull a decades-old funeral insurance policy, thousands of long-time credit-union members are left behind. Regulators say it’s a commercial decision. Credit unions call it a failure of duty.
The annual rent the OPW pays on behalf of the PSCU has increased over the years from around €60,000 to almost €200,000 since 2022. The arrangement has been in place since the 1990s.
Thousands of locked-down local businesses will need finance to prime the pump when they re-open, and recent changes in regulations allow credit unions to lend more to them. These community lenders have cash to lend and may distribute Covid-19 government-sponsored credit.
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