NZCU Baywide, one of the largest credit unions in the country, has been awarded a Non-Bank Deposit Taker (NBDT) licence by the Reserve Bank of New Zealand.
“The NBDT licence provides peace of mind to our customers knowing we have undergone a very stringent review process by the Reserve Bank and they can continue to receive the high level of service and support that our credit union provides for members every day,” said NZCU Baywide Chief Financial Officer Chris Fenwick
The Non-bank Deposit Takers Act 2013, which became effective on 1 May 2014, requires every NBDT to be licensed by the Reserve Bank by 1 May 2015. The purposes of the Act are to promote the maintenance of a sound and efficient financial system and to avoid significant damage to the financial system that could result from the failure of an NBDT.
Hard work by NZCU Baywide staff has resulted in the local credit union being awarded the licence by meeting all the regulatory requirements under the new legislation.
“As part of the licencing process, the Reserve Bank assessed our ability to comply with the requirements of the NBDT Act and also assessed the suitability of directors and senior officers. We have met all of those regulatory requirements,” adds Mr Fenwick.
For further information on the NBDT licence please visit www.rbnz.govt.nz
Notes to the Editor:
About NZCU Baywide
Established in 1971, New Zealand owned Credit Union Baywide (trading as NZCU Baywide) is one of this country’s largest Credit Unions.
NZCU Baywide has over 36,000 customer-owners in its branches spread throughout the middle and lower North Island. Branches are located in Gisborne, Wairoa, Napier, Hastings, Taradale, Waipukurau, Dannevirke, Hawke’s Bay Hospital, Palmerston North CBD, Palmerston North Hospital, Wanganui, New Plymouth, Masterton, Porirua, Lower Hutt and Wainuiomata.
NZCU Baywide prides itself on its involvement within its local communities and actively helps numerous charities and causes in the regions.
NZCU Baywide is a member of the New Zealand Association of Credit Unions.
Quick facts about Credit Unions:
A Credit Union offers the same kind of products and services found at a Bank, but with a significant and important difference. A Credit Union is ‘cooperatively owned’, so when a customer opens an account, they become an owner and member of the Credit Union.
Credit Unions conduct business for the mutual benefit and general welfare of their member-owners. Any profits made by the Credit Union are given back to members through a combination of better interest rates, fairer fees, improved customer service and community sponsorship; the money stays in the local community and in New Zealand.
As a Credit Union member, customers also have a say in who runs their Credit Union by voting in the AGM.