Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill – Second Reading – V..

achieved this I congratulate him and commend the bill to achieved this

I congratulate him and commend the bill to the House achieved this I congratulate him and commend the bill to the House I and commend the bill to the House I call Michael Wood

I and commend the bill to the House I call Michael Wood I and commend the bill to the House I call Michael Wood I rise and commend the bill to the House

I call Michael Wood I rise to and commend the bill to the House I call Michael Wood I rise to call Michael Wood I rise to speak firmly in call Michael Wood

I rise to speak firmly in firmly in support of the Friendly Societies firmly in support of the Friendly Societies firmly in support of the Friendly Societies and Credit Unions Societies and Credit Unions (Regulatory (Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment Bill I would like to (Regulatory Improvements) Amendment Bill I would like to (Regulatory Improvements) Amendment Bill

I would like to just (Regulatory Improvements) Amendment Bill I would like to just start (Regulatory Improvements) Amendment Bill I would like to just start off Bill I would like to just start off by saying Bill I would like to just start off by saying that Bill

I would like to just start off by saying that at the select Bill I would like to just start off by saying that at the select by saying that at the select committee, along with by saying that at the select committee, along with by saying that at the select committee, along with the sponsor of committee, along with the sponsor of committee, along with the sponsor of committee, along with the sponsor of the bill, committee, along with the sponsor of the bill, Mr Stuart Smith committee, along with the sponsor of the bill, Mr Stuart Smith the bill, Mr Stuart Smith and other committee the bill, Mr Stuart Smith and other committee members, the bill, Mr Stuart Smith and other committee members, this the bill, Mr Stuart Smith and other committee members, this the bill, Mr Stuart Smith and other committee members, this has the bill, Mr Stuart Smith and other committee members, this has been the bill, Mr Stuart Smith and other committee members, this has been committee members, this has been an incredibly satisfying committee members, this has been an incredibly satisfying committee members, this has been an incredibly satisfying bill to work incredibly satisfying bill to work incredibly satisfying bill to work incredibly satisfying bill to work upon I think incredibly satisfying bill to work upon I think incredibly satisfying bill to work upon I think it has been incredibly satisfying bill to work upon

I think it has been satisfying upon I think it has been satisfying because we have upon I think it has been satisfying because we have upon I think it has been satisfying because we have got to a upon I think it has been satisfying because we have got to a because we have got to a good outcome on because we have got to a good outcome on because we have got to a good outcome on it but it because we have got to a good outcome on it but it outcome on it but it wasn't actually all that easy

outcome on it but it wasn't actually all that easy outcome on it but it wasn't actually all that easy It outcome on it but it wasn't actually all that easy It wasn't easy outcome on it but it wasn't actually all that easy It wasn't easy all that easy

It wasn't easy at all The all that easy It wasn't easy at all The all that easy It wasn't easy at all

The passage of all that easy It wasn't easy at all The passage of this all The passage of this bill goes back a all The passage of this bill goes back a all

The passage of this bill goes back a long way actually It all The passage of this bill goes back a long way actually It all The passage of this bill goes back a long way actually

It was back a long way actually It was originally part of back a long way actually It was originally part of a back a long way actually It was originally part of a broader set back a long way actually It was originally part of a broader set originally part of a broader set of reforms as originally part of a broader set of reforms as originally part of a broader set of reforms as part of originally part of a broader set of reforms as part of originally part of a broader set of reforms as part of a Government bill originally part of a broader set of reforms as part of a Government bill reforms as part of a Government bill back reforms as part of a Government bill back in about reforms as part of a Government bill back in about reforms as part of a Government bill back in about 2014 reforms as part of a Government bill back in about 2014 in back in about 2014 in response to a range back in about 2014 in response to a range of back in about 2014 in response to a range of concerns back in about 2014 in response to a range of concerns range of concerns and a difference of range of concerns and a difference of opinions range of concerns and a difference of opinions in the credit union of opinions in the credit union of opinions in the credit union of opinions in the credit union community

It community It was effectively removed from community It was effectively removed from community It was effectively removed from that bill at community It was effectively removed from that bill at removed from that bill at that time

Members removed from that bill at that time Members removed from that bill at that time Members from the removed from that bill at that time Members from the Members from the credit union movement who wanted to Members from the credit union movement who wanted to Members from the credit union movement who wanted to see progress Members from the credit union movement who wanted to see progress movement who wanted to see progress on these issues movement who wanted to see progress on these issues then on these issues then linked up and worked on these issues then linked up and worked with on these issues then linked up and worked with Mr Smith on these issues then linked up and worked with Mr Smith to worked with Mr Smith to bring the bill worked with Mr Smith to bring the bill worked with Mr Smith to bring the bill to the worked with Mr Smith to bring the bill to the worked with Mr Smith to bring the bill to the House worked with Mr Smith to bring the bill to the House as a member's bill to the House as a member's bill bill to the House as a member's bill

When it came bill to the House as a member's bill When it came to bill to the House as a member's bill When it came to the House and bill When it came to the House and bill When it came to the House and bill

When it came to the House and to select committee as a bill When it came to the House and to select committee as a member's to select committee as a member's bill, none of to select committee as a member's bill, none of to select committee as a member's bill, none of those to select committee as a member's bill, none of those issues to select committee as a member's bill, none of those issues or points bill, none of those issues or points of bill, none of those issues or points of contention in bill, none of those issues or points of contention in bill, none of those issues or points of contention in the community went bill, none of those issues or points of contention in the community went of contention in the community went of contention in the community went away Our job was to work through those away Our job was to work through those issues and away Our job was to work through those issues and try away

Our job was to work through those issues and try to get a away Our job was to work through those issues and try to get a those issues and try to get a good piece of legislation that those issues and try to get a good piece of legislation that piece of legislation that is fit for purpose piece of legislation that is fit for purpose piece of legislation that is fit for purpose for the sector piece of legislation that is fit for purpose for the sector piece of legislation that is fit for purpose for the sector and will piece of legislation that is fit for purpose for the sector and will purpose for the sector and will be enduring You can purpose for the sector and will be enduring You can enduring You can never tell the future enduring

You can never tell the future enduring You can never tell the future but my hope enduring You can never tell the future but my hope future but my hope and expectation is that we future but my hope and expectation is that we is that we have reached that outcome is that we have reached that outcome I is that we have reached that outcome

I want to is that we have reached that outcome I want to is that we have reached that outcome I want to especially outcome I want to especially acknowledge Stuart Smith outcome I want to especially acknowledge Stuart Smith outcome

I want to especially acknowledge Stuart Smith for his outcome I want to especially acknowledge Stuart Smith for his acknowledge Stuart Smith for his work in stewarding the bill acknowledge Stuart Smith for his work in stewarding the bill through work in stewarding the bill through I work in stewarding the bill through I work in stewarding the bill through

I want to acknowledge work in stewarding the bill through I want to acknowledge I want to acknowledge other members of the select I want to acknowledge other members of the select committee, I want to acknowledge other members of the select committee, it has been of the select committee, it has been of the select committee, it has been of the select committee, it has been a good of the select committee, it has been a good example of the of the select committee, it has been a good example of the a good example of the Finance and Expenditure select committee a good example of the Finance and Expenditure select committee a good example of the Finance and Expenditure select committee working Expenditure select committee working constructively and Expenditure select committee working constructively and intelligently constructively and intelligently to take a constructively and intelligently to take a bill constructively and intelligently to constructively and intelligently to constructively and intelligently to with respect and take their concerns onboard with respect and take their concerns onboard From the with respect and take their concerns onboard From the with respect and take their concerns onboard

From the Labour with respect and take their concerns onboard From the Labour side of with respect and take their concerns onboard From the Labour side of onboard From the Labour side of the committee I onboard From the Labour side of the committee I committee I particularly acknowledge committee I particularly acknowledge committee I particularly acknowledge Dr Duncan committee I particularly acknowledge Dr Duncan Webb

During committee I particularly acknowledge Dr Duncan Webb During the Dr Duncan Webb During the committee process, Dr Duncan Webb During the committee process, Dr Duncan Webb During the committee process, after the submissions Dr Duncan Webb

During the committee process, after the submissions process, after the submissions were heard, Dr Webb process, after the submissions were heard, Dr Webb process, after the submissions were heard, Dr Webb and Mr process, after the submissions were heard, Dr Webb and Mr process, after the submissions were heard, Dr Webb and Mr Smith heard, Dr Webb and Mr Smith basically went off to heard, Dr Webb and Mr Smith basically went off to basically went off to the side and put basically went off to the side and put basically went off to the side and put their heads together basically went off to the side and put their heads together put their heads together around some of put their heads together around some of put their heads together around some of the tricky issue, put their heads together around some of the tricky issue, of the tricky issue, particularly mutuality, of the tricky issue, particularly mutuality, of the tricky issue, particularly mutuality, and arrived at of the tricky issue, particularly mutuality, and arrived at some mutuality, and arrived at some solutions to guide mutuality, and arrived at some solutions to guide mutuality, and arrived at some solutions to guide our way mutuality, and arrived at some solutions to guide our way solutions to guide our way forward on the legislation I solutions to guide our way forward on the legislation I on the legislation I would also like on the legislation I would also like on the legislation

I would also like to acknowledge the on the legislation I would also like to acknowledge the submitters like to acknowledge the submitters in this process We like to acknowledge the submitters in this process We in this process We had submissions, I in this process

We had submissions, I in this process We had submissions, I think, must in this process We had submissions, I think, must in this process We had submissions, I think, must have in this process We had submissions, I think, must have been I think, must have been from pretty I think, must have been from pretty I think, must have been from pretty much every I think, must have been from pretty much every credit union I think, must have been from pretty much every credit union much every credit union and friendly society in New Zealand much every credit union and friendly society in New Zealand society in New Zealand and some from overseas

society in New Zealand and some from overseas society in New Zealand and some from overseas It attracted society in New Zealand and some from overseas It attracted society in New Zealand and some from overseas It attracted a overseas

It attracted a great deal of overseas It attracted a great deal of overseas It attracted a great deal of attention The overseas It attracted a great deal of attention

The overseas It attracted a great deal of attention The credit folks in the credit union community are folks in the credit union community are a movement They folks in the credit union community are a movement They are a movement

They have a deep history are a movement They have a deep history are a movement They have a deep history and the are a movement They have a deep history and the are a movement They have a deep history and the people who are are a movement

They have a deep history and the people who are history and the people who are involved in credit unions history and the people who are involved in credit unions involved in credit unions have a deep sense of involved in credit unions have a deep sense of mission deep sense of mission and a belief in deep sense of mission and a belief in deep sense of mission and a belief in what they are doing They deep sense of mission and a belief in what they are doing They in what they are doing They are different in what they are doing They are different in what they are doing

They are different from other in what they are doing They are different from other financial different from other financial institutions Their different from other financial institutions Their members institutions Their members own them

institutions Their members own them They institutions Their members own them They are very wedded institutions

Their members own them They are very wedded institutions Their members own them They are very wedded to them They are very wedded to this principle of them

They are very wedded to this principle of them They are very wedded to this principle of mutuality that is, them They are very wedded to this principle of mutuality that is, principle of mutuality that is, that their purpose is principle of mutuality that is, that their purpose is their purpose is to serve their member their purpose is to serve their member their purpose is to serve their member owners That is their purpose is to serve their member owners That is member owners

That is the end of story There is member owners That is the end of story There is member owners That is the end of story

There is a great deal of member owners That is the end of story There is a great deal of story There is a great deal of unwillingness to see story There is a great deal of unwillingness to see that unwillingness to see that watered down in any way unwillingness to see that watered down in any way unwillingness to see that watered down in any way whatsoever

Then Then there Then there Then there is the principle of Then there is the principle of Then there is the principle of common bond, Then there is the principle of common bond, Then there is the principle of common bond, that people in the common bond, that people in the credit common bond, that people in the credit union having something that credit union having something that holds credit union having something that holds them together If you look credit union having something that holds them together If you look holds them together If you look at the holds them together If you look at the holds them together

If you look at the way credit unions caming holds them together If you look at the way credit unions caming to, the way credit unions caming to, there were two types the way credit unions caming to, there were two types there were two types One were industrial there were two types

One were industrial there were two types One were there were two types One were there were two types One were there were two types One were those

We have the New Zealand Firefighters those We have the New Zealand Firefighters Credit those We have the New Zealand Firefighters Credit Union, those We have the New Zealand Firefighters Credit Union, one those We have the New Zealand Firefighters Credit Union, one Firefighters Credit Union, one called Steel Sands, Firefighters Credit Union, one called Steel Sands, Firefighters Credit Union, one called Steel Sands, originally for Firefighters Credit Union, one called Steel Sands, originally for called Steel Sands, originally for workers who worked called Steel Sands, originally for workers who worked called Steel Sands, originally for workers who worked with the called Steel Sands, originally for workers who worked with the steel workers who worked with the steel sands and the workers who worked with the steel sands and the sands and the steel industry

Still do! sands and the steel industry Still do! sands and the steel industry Still do! That is why we sands and the steel industry Still do! That is why we sands and the steel industry Still do! That is why we still have it and sands and the steel industry

Still do! That is why we still have it and do! That is why we still have it and they submitted to us Then do! That is why we still have it and they submitted to us Then do! That is why we still have it and they submitted to us Then we have they submitted to us Then we have credit they submitted to us

Then we have credit unions that they submitted to us Then we have credit unions that they submitted to us Then we have credit unions that are they submitted to us Then we have credit unions that are based they submitted to us Then we have credit unions that are based credit unions that are based on geographic credit unions that are based on geographic basis, credit unions that are based on geographic basis, like credit unions that are based on geographic basis, like credit unions that are based on geographic basis, like Bay Wide

geographic basis, like Bay Wide There geographic basis, like Bay Wide There is a geographic basis, like Bay Wide There is a geographic basis, like Bay Wide There is a common bond

People geographic basis, like Bay Wide There is a common bond People There is a common bond People who lead There is a common bond People who lead There is a common bond

People who lead the sector feel strongly There is a common bond People who lead the sector feel strongly lead the sector feel strongly about that principle and lead the sector feel strongly about that principle and lead the sector feel strongly about that principle and their point of that principle and their point of difference that principle and their point of difference within the that principle and their point of difference within the financial difference within the financial services sector That was difference within the financial services sector That was services sector That was part of our challenge, services sector

That was part of our challenge, services sector That was part of our challenge, how do we meet services sector That was part of our challenge, how do we meet the our challenge, how do we meet the challenges of the future, our challenge, how do we meet the challenges of the future, challenges of the future, make sure that challenges of the future, make sure that challenges of the future, make sure that we had challenges of the future, make sure that we had modern, challenges of the future, make sure challenges of the future, make sure legislation that allows credit unions legislation that allows credit unions legislation that allows credit unions to thrive and legislation that allows credit unions to thrive and legislation that allows credit unions to thrive and prosper and legislation that allows credit unions to thrive and prosper and unions to thrive and prosper and grow where necessary, unions to thrive and prosper and grow where necessary, unions to thrive and prosper and grow where necessary, but also unions to thrive and prosper and grow where necessary, but also grow where necessary, but also preserve those grow where necessary, but also preserve those grow where necessary, but also preserve those important parts grow where necessary, but also preserve those important parts preserve those important parts of the DNA of preserve those important parts of the DNA of preserve those important parts of the DNA of the the DNA of the credit union movement the DNA of the credit union movement If the DNA of the credit union movement

If I can say, the DNA of the credit union movement If I can say, the DNA of the credit union movement If I can say, I think this the DNA of the credit union movement If I can say, I think this movement If I can say, I think this is really important, because movement

If I can say, I think this is really important, because is really important, because one of the things that is really important, because one of the things that is really important, because one of the things that we want is really important, because one of the things that we want the things that we want to ensure that New the things that we want to ensure that New the things that we want to ensure that New Zealanders have access to the things that we want to ensure that New Zealanders have access to that New Zealanders have access to is that New Zealanders have access to is a financial that New Zealanders have access to is a financial services is a financial services sector that is diverse is a financial services sector that is diverse Some is a financial services sector that is diverse Some of is a financial services sector that is diverse Some of us is a financial services sector that is diverse

Some of us do feel is a financial services sector that is diverse Some of us do feel is diverse Some of us do feel a little is diverse Some of us do feel a little is diverse Some of us do feel a little uncomfortable about the little uncomfortable about the relative little uncomfortable about the relative lack of diversity little uncomfortable about the relative lack of diversity little uncomfortable about the relative lack of diversity in our little uncomfortable about the relative lack of diversity in our relative lack of diversity in our financial services sector

We relative lack of diversity in our financial services sector We financial services sector We have four really big financial services sector We have four really big financial services sector We have four really big players in financial services sector

We have four really big players in four really big players in the big banks In four really big players in the big banks In four really big players in the big banks In many ways they do four really big players in the big banks In many ways they do four really big players in the big banks

In many ways they do a good four really big players in the big banks In many ways they do a good banks In many ways they do a good job of banks In many ways they do a good job of what banks In many ways they do a good job of what they do

But they banks In many ways they do a good job of what they do But they are job of what they do But they are market dominant job of what they do

But they are market dominant It's job of what they do But they are market dominant It's been my job of what they do But they are market dominant

It's been my view market dominant It's been my view that market dominant It's been my view that a market dominant It's been my view that a healthy sector provides a market dominant It's been my view that a healthy sector provides a that a healthy sector provides a range of options for that a healthy sector provides a range of options for that a healthy sector provides a range of options for people at range of options for people at different range of options for people at different lefts

I want to range of options for people at different lefts I want to different lefts I want to pick up on one different lefts I want to pick up on one comment different lefts I want to pick up on one comment made by different lefts

I want to pick up on one comment made by on one comment made by the previous speaker, the on one comment made by the previous speaker, the on one comment made by the previous speaker, the Hon Jacqui on one comment made by the previous speaker, the Hon Jacqui Dean, on one comment made by the previous speaker, the Hon Jacqui Dean, who on one comment made by the previous speaker, the Hon Jacqui Dean, who speaker, the Hon Jacqui Dean, who made the point speaker, the Hon Jacqui Dean, who made the point speaker, the Hon Jacqui Dean, who made the point that credit unions made the point that credit unions sometimes made the point that credit unions made the point that credit unions made the point that credit unions made the point that credit unions made the point that credit unions gaps in New Zealand society, where the gaps in New Zealand society, where the bigger gaps in New Zealand society, where the bigger gaps in New Zealand society, where the bigger players have withdrawn gaps in New Zealand society, where the bigger players have withdrawn I the bigger players have withdrawn I can think the bigger players have withdrawn I can think the bigger players have withdrawn

I can think of can think of regional and rural communities can think of regional and rural communities can think of regional and rural communities where the big can think of regional and rural communities where the big communities where the big banks have withdrawn, and I communities where the big banks have withdrawn, and I communities where the big banks have withdrawn, and I can think communities where the big banks have withdrawn, and I can think withdrawn, and I can think of lower socioeconomic withdrawn, and I can think of lower socioeconomic communities socioeconomic communities I think we socioeconomic communities I think we socioeconomic communities I think we need to keep holding socioeconomic communities

I think we need to keep holding we need to keep holding the big banks to account we need to keep holding the big banks to account we need to keep holding the big banks to account I think we need to keep holding the big banks to account I think we need to keep holding the big banks to account

I think they need banks to account I think they need to banks to account I think they need to show more of banks to account I think they need to show more of a banks to account I think they need to show more of a social conscious banks to account

I think they need to show more of a social conscious to show more of a social conscious and a commitment to show more of a social conscious and a commitment and a commitment to New Zealand Credit unions and a commitment to New Zealand Credit unions and a commitment to New Zealand Credit unions are often and a commitment to New Zealand Credit unions are often and a commitment to New Zealand

Credit unions are often one of and a commitment to New Zealand Credit unions are often one of Credit unions are often one of the institutions Credit unions are often one of the institutions Credit unions are often one of the institutions who keep providing Credit unions are often one of the institutions who keep providing institutions who keep providing a service for institutions who keep providing a service for institutions who keep providing a service for those people One institutions who keep providing a service for those people One service for those people One of the submissions service for those people

One of the submissions service for those people One of the submissions that I will come service for those people One of the submissions that I will come to submissions that I will come to later submissions that I will come to later in submissions that I will come to later in my comments is submissions that I will come to later in my comments is from submissions that I will come to later in my comments is from submissions that I will come to later in my comments is from Crewe, later in my comments is from Crewe, later in my comments is from Crewe, later in my comments is from Crewe, their mission is to serve some of the their mission is to serve some of the lower socioeconomic communities their mission is to serve some of the lower socioeconomic communities the lower socioeconomic communities

They have access the lower socioeconomic communities They have access the lower socioeconomic communities They have access to They have access to good trust worthy They have access to good trust worthy They have access to good trust worthy financial services and aren't They have access to good trust worthy financial services and aren't worthy financial services and aren't rip them off and will worthy financial services and aren't rip them off and will rip them off and will help them with their rip them off and will help them with their savings rip them off and will help them with their savings and getting on with rip them off and will help them with their savings and getting on with their savings and getting on with their lives Previous their savings and getting on with their lives Previous their lives

Previous speakers have gone their lives Previous speakers have gone their lives Previous speakers have gone through gone through that key objectives of the gone through that key objectives of the gone through that key objectives of the bill I will touch on gone through that key objectives of the bill I will touch on the bill

I will touch on those Then I will talk the bill I will touch on those Then I will talk the bill I will touch on those

Then I will talk to the bill I will touch on those Then I will talk to some Then I will talk to some of the changes that Then I will talk to some of the changes that Then I will talk to some of the changes that the select Then I will talk to some of the changes that the select Then I will talk to some of the changes that the select committee changes that the select committee has changes that the select committee has made in its changes that the select committee has made in its has made in its consideration The first point is has made in its consideration The first point is has made in its consideration

The first point is that first point is that the bill allows for first point is that the bill allows for first point is that the bill allows for credit first point is that the bill allows for credit unions and associations first point is that the bill allows for credit unions and associations for credit unions and associations of credit unions for credit unions and associations of credit unions to of credit unions to incorporate That of credit unions to incorporate That of credit unions to incorporate That removes the of credit unions to incorporate That removes the That removes the first instance the need That removes the first instance the need That removes the first instance the need for credit unions to That removes the first instance the need for credit unions to That removes the first instance the need for credit unions to have what need for credit unions to have what we need for credit unions to have what we call internal trustees

They need for credit unions to have what we call internal trustees They we call internal trustees They currently we call internal trustees They currently have we call internal trustees They currently have currently have quite a complex, unique structure

currently have quite a complex, unique structure We currently have quite a complex, unique structure We heard currently have quite a complex, unique structure We heard unique structure We heard stories during the unique structure

We heard stories during the submission unique structure We heard stories unique structure We heard stories credit unions who are wanting to lend credit unions who are wanting to lend to someone had credit unions who are wanting to lend to someone had to credit unions who are wanting to lend to someone had to sort of go credit unions who are wanting to lend to someone had to sort of go lend to someone had to sort of go through the lend to someone had to sort of go through the lend to someone had to sort of go through the sort of weird, lend to someone had to sort of go through the sort of weird, through the sort of weird, antiquated process of ringing through the sort of weird, antiquated process of ringing antiquated process of ringing around and getting antiquated process of ringing around and getting people antiquated process of ringing around and getting people to sign the paper antiquated process of ringing around and getting people to sign the paper and getting people to sign the paper and Jack was away on and getting people to sign the paper and Jack was away on and getting people to sign the paper and Jack was away on holiday That and getting people to sign the paper and Jack was away on holiday That and Jack was away on holiday

That made it difficult Quite and Jack was away on holiday That made it difficult Quite made it difficult Quite an antiquated structure

What made it difficult Quite an antiquated structure What antiquated structure What we're moving antiquated structure What we're moving antiquated structure

What we're moving to is something that antiquated structure What we're moving to is something that moving to is something that is far more moving to is something that is far more mainstream moving to is something that is far more mainstream in moving to is something that is far more mainstream in terms moving to is something that is far more mainstream in terms of a moving to is something that is far more mainstream in terms of a standard incorporation structure Ensuring standard incorporation structure Ensuring standard incorporation structure Ensuring the credit unions board standard incorporation structure

Ensuring the credit unions board Ensuring the credit unions board is responsible for Ensuring the credit unions board is responsible for Ensuring the credit unions board is responsible for all aspects Ensuring the credit unions board is responsible for all aspects responsible for all aspects of strategy, governance and oversight responsible for all aspects of strategy, governance and oversight strategy, governance and oversight Basically strategy, governance and oversight Basically making sure that we strategy, governance and oversight

Basically making sure that we Basically making sure that we have really Basically making sure that we have really Basically making sure that we have really good solid Basically making sure that we have really good solid really good solid governance structures within credit unions, really good solid governance structures within credit unions, structures within credit unions, and protecting the structures within credit unions, and protecting the structures within credit unions, and protecting the interests of third structures within credit unions, and protecting the interests of third protecting the interests of third parties that deal protecting the interests of third parties that deal protecting the interests of third parties that deal with credit unions protecting the interests of third parties that deal with credit unions parties that deal with credit unions in parties that deal with credit unions in The parties that deal with credit unions in The second key change parties that deal with credit unions in The second key change unions to make loans direct to enterprises unions to make loans direct to enterprises enterprises related to members At the enterprises related to members At the moment enterprises related to members At the moment credit unions can only the moment credit unions can only lend the moment credit unions can only lend to the moment credit unions can only lend to the moment credit unions can only lend to those individual whose the moment credit unions can only lend to those individual whose lend to those individual whose are their members Quite lend to those individual whose are their members

Quite lend to those individual whose are their members Quite often there is lend to those individual whose are their members Quite often there is their members Quite often there is kind of a their members Quite often there is kind of a their members

Quite often there is kind of a Mickey Mouse their members Quite often there is kind of a Mickey Mouse their members Quite often there is kind of a Mickey Mouse sort of walk their members Quite often there is kind of a Mickey Mouse sort of walk kind of a Mickey Mouse sort of walk around, whereby kind of a Mickey Mouse sort of walk around, whereby around, whereby that member might want around, whereby that member might want around, whereby that member might want to get a small around, whereby that member might want to get a small business around, whereby that member might want to get a small business off the want to get a small business off the ground, want to get a small business off the ground, wants money want to get a small business off the ground, wants money to want to get a small business off the ground, wants money to set up want to get a small business off the ground, wants money to set up ground, wants money to set up a small lawn ground, wants money to set up a small lawn mowing small lawn mowing business but the credit small lawn mowing business but the credit small lawn mowing business but the credit union credit union is restrained from lending credit union is restrained from lending

credit union is restrained from lending It you have credit union is restrained from lending It you have lending It you have to have this arrangement lending It you have to have this arrangement arrangement whereby the credit union would arrangement whereby the credit union would arrangement whereby the credit union would lend to the individual and arrangement whereby the credit union would lend to the individual and would lend to the individual and then it would be passed would lend to the individual and then it would be passed then it would be passed on

That created then it would be passed on That created issues then it would be passed on That created issues and then it would be passed on That created issues and lack created issues and lack of transparency We created issues and lack of transparency

We created issues and lack of transparency We had a created issues and lack of transparency We had a number transparency We had a number of credit unions transparency We had a number of credit unions transparency

We had a number of credit unions saying they would transparency We had a number of credit unions saying they would lose credit unions saying they would lose business They would credit unions saying they would lose business They would have business They would have credit union members business

They would have credit union members business They would have credit union members who would either business They would have credit union members who would either go union members who would either go to a third party union members who would either go to a third party union members who would either go to a third party to get union members who would either go to a third party to get that a third party to get that financing for a third party to get that financing for a third party to get that financing for their a third party to get that financing for their small business and a third party to get that financing for their small business and for their small business and have two different for their small business and have two different for their small business and have two different financial two different financial service sector relationships, two different financial service sector relationships, two different financial service sector relationships, or sector relationships, or because that's too sector relationships, or because that's too complicated that's too complicated they take all their that's too complicated they take all their that's too complicated they take all their business elsewhere and get the that's too complicated they take all their business elsewhere and get the their business elsewhere and get the business lending from their business elsewhere and get the business lending from the business lending from the other organisation I business lending from the other organisation I organisation

I think this is important organisation I think this is important organisation I think this is important

It's organisation I think this is important It's not about credit important It's not about credit unions important It's not about credit unions going crazy and important

It's not about credit unions going crazy and unions going crazy and lending all over unions going crazy and lending all over unions going crazy and lending all over the place And unions going crazy and lending all over the place And unions going crazy and lending all over the place And in the select unions going crazy and lending all over the place And in the select over the place

And in the select committee process we've refined over the place And in the select committee process we've refined committee process we've refined this So the committee process we've refined this So the committee process we've refined this So the lending really is committee process we've refined this

So the lending really is this So the lending really is only to SME this So the lending really is only to SME It this

So the lending really is only to SME It will this So the lending really is only to SME It will this So the lending really is only to SME

It will be to this So the lending really is only to SME It will be to this So the lending really is only to SME It will be to SMEs that the this

So the lending really is only to SME It will be to SMEs that the to SME It will be to SMEs that the member has to SME It will be to SMEs that the member has to SME It will be to SMEs that the member has to have at to SME

It will be to SMEs that the member has to have at to SME It will be to SMEs that the member has to have at least a to SME It will be to SMEs that the member has to have at least a equity stake in It will be to SMEs that equity stake in It will be to SMEs that employ equity stake in

It will be to SMEs that employ less equity stake in It will be to SMEs that employ less than 20 people as equity stake in It will be to SMEs that employ less than 20 people as that employ less than 20 people as well I've that employ less than 20 people as well I've that employ less than 20 people as well

I've made sure those well I've made sure those provisions well I've made sure those provisions are in there clearly well I've made sure those provisions are in there clearly so provisions are in there clearly so we provisions are in there clearly so we are provisions are in there clearly so provisions are in there clearly so sector to run away and get into risky sector to run away and get into risky situations The sector to run away and get into risky situations

The sector to run away and get into risky situations The final point sector to run away and get into risky situations The final point risky situations The final point is that it risky situations The final point is that it that it provides for associations of credit that it provides for associations of credit that it provides for associations of credit unions to that it provides for associations of credit unions to that it provides for associations of credit unions to be incorporated and that it provides for associations of credit unions to be incorporated and credit unions to be incorporated and makes it credit unions to be incorporated and makes it credit unions to be incorporated and makes it clear that credit unions to be incorporated and makes it clear that credit unions to be incorporated and makes it clear that associations may credit unions to be incorporated and makes it clear that associations may makes it clear that associations may provide makes it clear that associations may provide services makes it clear that associations may provide services to entities that are mutual entities or cooperatives entities that are mutual entities or cooperatives if authorised entities that are mutual entities or cooperatives if authorised cooperatives if authorised by the rules

Most cooperatives if authorised by the rules Most cooperatives if authorised by the rules Most credit unions cooperatives if authorised by the rules Most credit unions cooperatives if authorised by the rules Most credit unions are cooperatives if authorised by the rules

Most credit unions are small rules Most credit unions are small and they rules Most credit unions are small and they rules Most credit unions are small and they actually rules Most credit unions are small and they actually rely on services rules

Most credit unions are small and they actually rely on services and they actually rely on services provided by the association and they actually rely on services provided by the association and they actually rely on services provided by the association to provided by the association to be able to do their provided by the association to be able to do their business provided by the association to be able to do their business able to do their business Increasingly able to do their business Increasingly for those association able to do their business

Increasingly for those association Increasingly for those association services to Increasingly for those association services to be Increasingly for those association services to be viable, they are Increasingly for those association services to be viable, they are services to be viable, they are going to services to be viable, they are going to services to be viable, they are going to need to services to be viable, they are going to need to services to be viable, they are going to need to get bigger, provide going to need to get bigger, provide services going to need to get bigger, provide services There's going to need to get bigger, provide services There's going to need to get bigger, provide services There's been a clack going to need to get bigger, provide services

There's been a clack of services There's been a clack of clarity around that We services There's been a clack of clarity around that We services

There's been a clack of clarity around that We are services There's been a clack of clarity around that We are services There's been a clack of clarity around that

We are making clarity around that We are making sure clarity around that We are making sure clarity around that We are making sure that is allowable In the clarity around that

We are making sure that is allowable In the sure that is allowable In the time I have left I sure that is allowable In the time I have left I sure that is allowable In the time I have left I want to come sure that is allowable

In the time I have left I want to come sure that is allowable In the time I have left I want to come back to sure that is allowable In the time I have left I want to come back to I have left I want to come back to the point about mutuality This I have left I want to come back to the point about mutuality This I have left I want to come back to the point about mutuality

This is a the point about mutuality This is a big the point about mutuality This is a big fear from submitters It the point about mutuality This is a big fear from submitters

It big fear from submitters It wasn't one big fear from submitters It wasn't one big fear from submitters It wasn't one or two who big fear from submitters It wasn't one or two who big fear from submitters

It wasn't one or two who were concerned It big fear from submitters It wasn't one or two who were concerned It one or two who were concerned It was a one or two who were concerned

It was a was a number of sizable credit unions was a number of sizable credit unions was a number of sizable credit unions There was a genuine was a number of sizable credit unions There was a genuine unions

There was a genuine fear of change in the unions There was a genuine fear of change in the unions There was a genuine fear of change in the sector and unions There was a genuine fear of change in the sector and unions There was a genuine fear of change in the sector and a fear unions

There was a genuine fear of change in the sector and a fear change in the sector and a fear that something important would be change in the sector and a fear that something important would be something important would be lost At select committee something important would be lost At select committee At select committee we considered the At select committee we considered the At select committee we considered At select committee we considered two tier structures where some can opt two tier structures where some can opt in two tier structures where some can opt in to two tier structures where some can opt in to the new two tier structures where some can opt in to the new opt in to the new provisions and some opt in to the new provisions and some remain opt in to the new provisions and some remain as they are We opt in to the new provisions and some remain as they are We opt in to the new provisions and some remain as they are

We were some remain as they are We were convinced some remain as they are We were convinced that some remain as they are We were convinced that would be some remain as they are We were convinced that would be overcomplicated and create confusion

overcomplicated and create confusion overcomplicated and create confusion What we did overcomplicated and create confusion What we did overcomplicated and create confusion What we did was have a overcomplicated and create confusion

What we did was have a confusion What we did was have a belts and confusion What we did was have a belts and braces confusion What we did was have a confusion What we did was have a in the legislation, clear requirements, in the legislation, clear requirements, mule yulety in the legislation, clear requirements, mule yulety in the legislation, clear requirements, mule yulety would in the legislation, clear requirements, mule yulety would be in the legislation, clear requirements, mule yulety would be requirements, mule yulety would be requirements, mule yulety would be operate on the basis of the Act for the operate on the basis of the Act for the mutual benefit operate on the basis of the Act for the mutual benefit operate on the basis of the Act for the mutual benefit and assistance operate on the basis of the Act for the mutual benefit and assistance the mutual benefit and assistance of the mutual benefit and assistance of the mutual benefit and assistance of the mutual benefit and assistance of and white in the legislation

That is and white in the legislation That is the partying message ill and white in the legislation That is the partying message ill is the partying message ill like to leave is the partying message ill like to leave to is the partying message ill like to is the partying message ill like to is the partying message ill like to is the partying message ill like to ensure that credit union associations ensure that credit union associations who weren't sure ensure that credit union associations who weren't sure associations who weren't sure about the legislation can associations who weren't sure about the legislation can the legislation can be sure their proud the legislation can be sure their proud the legislation can be sure their proud history is going the legislation can be sure their proud history is going the legislation can be sure their proud history is going to continue the legislation can be sure their proud history is going to continue proud history is going to continue in the new legislation proud history is going to continue in the new legislation proud history is going to continue in the new legislation

I in the new legislation I call Fletcher in the new legislation I call Fletcher in the new legislation I call Fletcher Tabuteau Thank you

It in the new legislation I call Fletcher Tabuteau Thank you It in the new legislation I call Fletcher Tabuteau

Thank you It is Fletcher Tabuteau Thank you It is a genuine pleasure Fletcher Tabuteau Thank you

It is a genuine pleasure Fletcher Tabuteau Thank you It is a genuine pleasure to Fletcher Tabuteau Thank you It is a genuine pleasure to rise Fletcher Tabuteau

Thank you It is a genuine pleasure to rise a genuine pleasure to rise on behalf of New a genuine pleasure to rise on behalf of New a genuine pleasure to rise on behalf of New Zealand First of New Zealand First

bill I would like to firstly congratulate bill I would like to firstly congratulate Mr bill

I would like to firstly congratulate Mr bill I would like to firstly congratulate Mr Smith bill I would like to firstly congratulate Mr Smith in bill I would like to firstly congratulate Mr Smith in his bill I would like to firstly congratulate Mr Smith in his efforts bill

I would like to firstly congratulate Mr Smith in his efforts congratulate Mr Smith in his efforts and congratulate Mr Smith in his efforts and acknowledge congratulate Mr Smith in his efforts and acknowledge that his congratulate Mr Smith in his efforts and acknowledge that his congratulate Mr Smith in his efforts and acknowledge that his work and acknowledge that his work has been genuine and acknowledge that his work has been genuine