The MoU emanates from the respective legislative framework governing the Bank and MRA. It is therefore subservient to it and furthers the objectives laid out in the respective Acts.
In turn, the Board will need to ensure that the credit union has the systems in place, including, as a minimum, an audit and a credit committee, to ensure transparency and accountability. The legislation will provide for strict reporting requirements and audited financial statements to be submitted three months after the close of the financial year.