The British Parliaments rejection of Prime Minister Theresa May’s Brexit plan is making things even more difficult for credit unions across the pond.
For the last two years, credit unions and ordinary Britons have faced uncertainty as Great Britain’s efforts to leave the European Union dominated the political agenda, leaving little room for credit union interests. And that’s likely to continue given Parliaments refusal Tuesday to sign off on May’s deal with the EU.
“One of the most obvious impacts of Brexit to date is the inability to progress with legislative or regulatory change for credit unions,” said Matt Bland, head of policy and communications at the American of British Credit Unions Limited. “All the lawyers at the Bank of England [the U.K.’s central bank] are working on Brexit, not regulations for credit unions. And, likewise, the parliamentary agenda has been dominated by Brexit and very little else has been legislated.