Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill

Bills are proposals to make a new law or to change an existing one. Only Parliament can pass a bill. Each bill goes through several stages, giving MPs and the public the chance to have their say.

The bill amends the Friendly Societies and Credit Unions Act 1982, and is intended to remove unnecessary operating and compliance costs, promote greater efficiency, innovation, and accountability, bring credit unions into alignment with other financial service providers in New Zealand, and maintain the element of mutuality and the requirement of a common bond between members.