Governance requirements The Draft Credit Union Bill recognizes that members are the ultimate decision-making body for the credit union. The Bill contains provisions for proper governance and effective risk management in order to ensure the safety and soundness of credit unions.
Credit unions that are sound can best meet the needs of their members, including providing financial services, training members in entrepreneurship and in financial literacy. Governance proposals seek to ensure that the directors of a credit union are fit and proper and that the board is effective, accountable and transparent in the management of their credit union.