This has also brought with it a need for banks and financial institutions to be more closely regulated and in turn increasing the costs of compliance. Currently there is inefficiency in capacities of the  BIS central bankers’ speeches  3  regulator to properly regulate while on the other hand the credit unions often lack the capacity to comply.
The industry needs a model tailored to its needs; one that encourages expansion and allows consolidation where appropriate to increase services to the members under economies of scale. We have seen in the last five (5) years a number of countries have undertaken major reforms in legislation of credit unions. I understand this is the same in the Pacific.