CRED 10.1 Application and purpose
This chapter applies to all credit unions in relation to their lending to members under section 11 of the Credit Unions Act 1979.1
- (1)
This chapter seeks to protect the interests of credit unions' members in respect of loans to members. Principle 4 requires credit unions to maintain adequate financial resources and Chapter 8 sets out the FSA's detailed capital adequacy requirements in respect of credit unions.
- (2)
This chapter is not relevant to loans between credit unions, except as indicated in CRED 7.2.6 G(4). 1