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

pleased to be part of the process and I look forward to the pleased to be part of the process and I look forward to the bill and I look forward to the bill progressing and I look forward to the bill progressing through the and I look forward to the bill progressing through the and I look forward to the bill progressing through the House and I look forward to the bill progressing through the House

I progressing through the House I call Tamati progressing through the House I call Tamati Coffey progressing through the House I call Tamati Coffey

Stoked as progressing through the House I call Tamati Coffey Stoked as call Tamati Coffey Stoked as ever to call Tamati Coffey Stoked as ever to call Tamati Coffey

Stoked as ever to be taking call Tamati Coffey Stoked as ever to be taking call Tamati Coffey Stoked as ever to be taking a call call Tamati Coffey Stoked as ever to be taking a call on to be taking a call on the Friendly Societies and to be taking a call on the Friendly Societies and to be taking a call on the Friendly Societies and Credit Unions Societies and Credit Unions (Regulatory (Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment Bill

(Regulatory Improvements) Amendment member so learning about things as I go member so learning about things as I go has been member so learning about things as I go has been member so learning about things as I go has been a very steep learning member so learning about things as I go has been a very steep learning go has been a very steep learning curve in the go has been a very steep learning curve in the go has been a very steep learning curve in the last six months One go has been a very steep learning curve in the last six months One of curve in the last six months One of the things curve in the last six months One of the things curve in the last six months

One of the things that I have curve in the last six months One of the things that I have had the things that I have had to learn about the things that I have had to learn about the things that I have had to learn about has been the things that I have had to learn about has been friendly about has been friendly societies and credit about has been friendly societies and credit about has been friendly societies and credit unions, being somebody about has been friendly societies and credit unions, being somebody about has been friendly societies that hasn't had to about has been friendly societies that hasn't had to about has been friendly societies that hasn't had to use that hasn't had to use the services of that hasn't had to use the services of that hasn't had to use the services of one previously, I that hasn't had to use the services of one previously, I of one previously, I was on a very steep of one previously, I was on a very steep learning of one previously, I was on a very steep learning curve This This was a This was a This was a good piece of legislation This was a good piece of legislation This was a good piece of legislation

Labour does support This was a good piece of legislation Labour does support legislation Labour does support this bill, I support this bill legislation Labour does support this bill, I support this bill

this bill, I support this bill I was fortunate enough this bill, I support this bill I was fortunate enough this bill, I support this bill I was fortunate enough to be there this bill, I support this bill I was fortunate enough to be there and was fortunate enough to be there and to was fortunate enough to be there and to was fortunate enough to be there and to listen to was fortunate enough to be there and to listen to was fortunate enough to be there and to listen to the was fortunate enough to be there and to listen to the submissions on the was fortunate enough to be there and to listen to the submissions on the to listen to the submissions on the Finance and Expenditure Committee Finance and Expenditure Committee and Finance and Expenditure Committee and listen to the heart Finance and Expenditure Committee and listen to the heart felt and listen to the heart felt stories of people and listen to the heart felt stories of people and listen to the heart felt stories of people who and listen to the heart felt stories of people who lived and listen to the heart felt stories of people who lived of people who lived their lives inside of people who lived their lives inside of people who lived their lives inside this sector

of people who lived their lives inside this sector As inside this sector As my colleague Deborah inside this sector As my colleague Deborah inside this sector As my colleague Deborah Russell had inside this sector

As my colleague Deborah Russell had Deborah Russell had said earlier, credit unions, I Deborah Russell had said earlier, credit unions, I was Deborah Russell had said earlier, credit unions, I was pleased Deborah Russell had said earlier, credit unions, I was pleased credit unions, I was pleased to find credit credit unions, I was pleased to find out, are the credit unions, I was pleased to find out, are the places that people credit unions, I was pleased to find out, are the places that people credit unions, I was pleased to find out, are the places that people go out, are the places that people go to when out, are the places that people go to when out, are the places that people go to when the to when the banks don't accept them When to when the banks don't accept them When to when the banks don't accept them When I finally to when the banks don't accept them When I finally to when the banks don't accept them

When I finally learnt about this to when the banks don't accept them When I finally learnt about this When I finally learnt about this thing and I opened When I finally learnt about this thing and I opened my thing and I opened my eyes and went back to my thing and I opened my eyes and went back to my thing and I opened my eyes and went back to my community I was thing and I opened my eyes and went back to my community I was made back to my community I was made aware that actually back to my community I was made aware that actually back to my community I was made aware that actually quite aware that actually quite a few people aware that actually quite a few people aware that actually quite a few people in aware that actually quite a few people in my community aware that actually quite a few people in my community aware that actually quite a few people in my community are people in my community are credit union members I people in my community are credit union members I people in my community are credit union members I was people in my community are credit union members

I was quite union members I was quite pleasantly surprised to find out union members I was quite pleasantly surprised to find out pleasantly surprised to find out as well pleasantly surprised to find out as well pleasantly surprised to find out as well that pleasantly surprised to find out as well that there are 194,000 pleasantly surprised to find out as well that there are 194,000 well that there are 194,000 other well that there are 194,000 other and building society members all and building society members all and building society members all across Aotearoa This is a and building society members all across Aotearoa This is a across Aotearoa

This is a good piece of legislation across Aotearoa This is a good piece of legislation I piece of legislation I commend the sponsor piece of legislation

I commend the sponsor piece of legislation I commend the sponsor of the bill, piece of legislation I commend the sponsor of the bill, piece of legislation I commend the sponsor of the bill, Stuart Smith piece of legislation I commend the sponsor of the bill, Stuart Smith piece of legislation

I commend the and my colleague Duncan piece of legislation I commend the and my colleague Duncan piece of legislation I commend the and my colleague Duncan Webb who piece of legislation I commend the and my colleague Duncan Webb who and my colleague Duncan Webb who did the heavy and my colleague Duncan Webb who did the heavy lifting and my colleague Duncan Webb who did the heavy lifting on this and my colleague Duncan Webb who did the heavy lifting on this and my colleague Duncan Webb who did piece of legislation piece of legislation

Congratulations piece of legislation Congratulations to you both piece of legislation Congratulations to you both Congratulations to you both

It was a Congratulations to you both It was a lovely Congratulations to you both It was a lovely experience to be Congratulations to you both It was a lovely experience to be sitting Congratulations to you both It was a lovely experience to be sitting on a lovely experience to be sitting on a a lovely experience to be sitting on a committee where everybody a lovely experience to be sitting on a committee where everybody a committee where everybody was singing the same song

a committee where everybody was singing the same song That a committee where everybody was singing the same song That was a committee where everybody was singing the same song That was a committee where everybody was singing the same song That was a singing the same song

That was a fortunate fortunate experience and hopefully we can fortunate experience and hopefully we can do fortunate experience and hopefully we can do a lot more fortunate experience and hopefully we can do a lot more fortunate experience and hopefully we can do a lot more of that in fortunate experience and hopefully we can do a lot more of that in we can do a lot more of that in the future we can do a lot more of that in the future I we can do a lot more of that in the future I am ever the optimist we can do a lot more of that in the future

I am ever the optimist future I am ever the optimist This is a future I am ever the optimist

This is a future I am ever the optimist This is a bill that has needed to future I am ever the optimist This is a bill that has needed to is a bill that has needed to be brought is a bill that has needed to be brought is a bill that has needed to be brought into the modern is a bill that has needed to be brought into the modern age, brought into the modern age, into the new millennium brought into the modern age, into the new millennium brought into the modern age, into the new millennium as brought into the modern age, into the new millennium as our brought into the modern age, into the new millennium as our the new millennium as our previous speak the new millennium as our previous speak the new millennium as our previous speak Urquhart cart the new millennium as our previous speak Urquhart cart Carter said this

Was a bill first drafted Carter said this Was a bill first drafted in 1982 and Carter said this Was a bill first drafted in 1982 and it Carter said this Was a bill first drafted in 1982 and it was in Carter said this Was a bill first drafted in 1982 and it was in drafted in 1982 and it was in desperate need of drafted in 1982 and it was in desperate need of desperate need of modernisation

Interestingly desperate need of modernisation Interestingly enough desperate need of modernisation Interestingly enough I found that desperate need of modernisation Interestingly enough I found that Interestingly enough I found that many bills that I have Interestingly enough I found that many bills that I have many bills that I have stood open talked on in many bills that I have stood open talked on in many bills that I have stood open talked on in the short time I many bills that I have stood open talked on in the short time I have talked on in the short time I have been here in the talked on in the short time I have been here in the been here in the House have been bills been here in the House have been bills been here in the House have been bills of that been here in the House have been bills of that been here in the House have been bills of that ilk, bills that been here in the House have been bills of that ilk, bills that bills of that ilk, bills that were once bills of that ilk, bills that were once upon bills of that ilk, bills that were once upon a bills of that ilk, bills that were once upon a bills of that ilk, bills that were once upon a time drafted for a time bills of that ilk, bills that were once upon a time drafted for a time once upon a time drafted for a time and a place and once upon a time drafted for a time and a place and once upon a time drafted for a time and a place and have kind of once upon a time drafted for a time and a place and have kind of and a place and have kind of fallen out of and a place and have kind of fallen out of and a place and have kind of fallen out of use in that and a place and have kind of fallen out of use in that and a place and have kind of fallen out of use in that time So I'm and a place and have kind of fallen out of use in that time

So I'm out of use in that time So I'm pleased to be presiding out of use in that time So I'm pleased to be presiding pleased to be presiding over this and pleased to be presiding over this and pleased to be presiding over this and representing all pleased to be presiding over this and representing all pleased to be presiding over this and representing all of and representing all of the many submitters that and representing all of the many submitters that came and representing all of the many submitters that came before the and representing all of the many submitters that came before the submitters that came before the committee We submitters that came before the committee We submitters that came before the committee

We received committee We received 20 written submissions committee We received 20 written submissions and committee We received 20 written submissions and 13 of them committee We received 20 written submissions and 13 of them committee

We received 20 written submissions and 13 of them made committee We received 20 written submissions and 13 of them made oral submissions and 13 of them made oral submissions and 13 of them made oral submissions and 13 of them made oral submissions and whilst my submissions and 13 of them made oral submissions and whilst my submissions and whilst my colleague David Carter pointed submissions and whilst my colleague David Carter pointed submissions and whilst my colleague David Carter pointed out that one David Carter pointed out that one was David Carter pointed out that one was in favour, one David Carter pointed out that one was in favour, one David Carter pointed out that one was in favour, one was against, David Carter pointed out that one was in favour, one was against, was in favour, one was against, one was was in favour, one was against, one was in was in favour, one was against, one was in favour, was in favour, one was against, one was in favour, was in favour, one was against, one was in favour, one actually, the majority of these submitters actually, the majority of these submitters were in actually, the majority of these submitters were in actually, the majority of these submitters were in support of actually, the majority of these submitters were in support of submitters were in support of the changes to submitters were in support of the changes to submitters were in support of the changes to the bill submitters were in support of the changes to the bill I changes to the bill I just want to go over changes to the bill

I just want to go over changes to the bill I just want to go over them just to take a changes to the bill I just want to go over them just to take a go over them just to take a short bit of go over them just to take a short bit of go over them just to take a short bit of time to do that before we get go over them just to take a short bit of time to do that before we get bit of time to do that before we get down into bit of time to do that before we get down into bit of time to do that before we get down into the nuts and bit of time to do that before we get down into the nuts and down into the nuts and bolts of the bill down into the nuts and bolts of the bill The down into the nuts and bolts of the bill

The Aotearoa down into the nuts and bolts of the bill The Aotearoa bill The Aotearoa Credit Union strongly supported the bill bill The Aotearoa Credit Union strongly supported the bill bill The Aotearoa Credit Union strongly supported the bill and strongly supported the bill and they were concerned however strongly supported the bill and they were concerned however were concerned however about their ability were concerned however about their ability were concerned however about their ability under the old were concerned however about their ability under the old legislation ability under the old legislation to remain valid ability under the old legislation to remain valid ability under the old legislation to remain valid and ability under the old legislation to remain valid and competitive ability under the old legislation to remain valid and competitive in remain valid and competitive in the market

So remain valid and competitive in the market So remain valid and competitive in the market So for tear remain valid and competitive in the market So for tear remain valid and competitive in the market So for tear Credit Union we remain valid and competitive in the market

So for tear Credit Union we market So for tear Credit Union we are doing them market So for tear Credit Union we are doing them market So for tear Credit Union we market So for tear Credit Union we Aotearoa credit union we are doing them Aotearoa credit union we are doing them a favour

Another Aotearoa credit union we are doing them a favour Another Aotearoa credit union we are doing them a favour Another one thought Aotearoa credit union we are doing them a favour Another one thought them a favour Another one thought the framework was them a favour

Another one thought the framework was them a favour Another one thought the framework was restrictive the framework was restrictive and the framework was restrictive and Money, one of the big players in Money, one of the big players in Money, one of the big players in this sector, believed Money, one of the big players in this sector, believed Money, one of the big players in this sector, believed that the Money, one of the big players in this sector, believed that the this sector, believed that the act was, in this sector, believed that the act was, in this sector, believed that the act was, in their this sector, believed that the act this sector, believed that the act purpose and hadn't been for many purpose and hadn't been for many purpose and hadn't been for many purpose and hadn't been for many purpose and hadn't been for many purpose and hadn't been for many the firefighters had their own credit the firefighters had their own credit union as well and the firefighters had their own credit union as well and credit union as well and had been doing it credit union as well and had been doing it credit union as well and had been doing it for credit union as well and had been doing it for quite some time credit union as well and had been doing it for quite some time doing it for quite some time for their members That doing it for quite some time for their members That doing it for quite some time for their members That it were doing it for quite some time for their members

That it were looking their members That it were looking forward to their members That it were looking forward to their members That it were looking forward to the bill their members That it were looking forward to the bill forward to the bill being enacted

New Zealand Credit forward to the bill being enacted New Zealand Credit forward to the bill being enacted New Zealand Credit Union another big New Zealand Credit Union another big player New Zealand Credit Union another big player in the scene, New Zealand Credit Union another big player in the scene, New Zealand Credit Union another big player in the scene, both player in the scene, both south and baywide supported player in the scene, both south and baywide supported player in the scene, both south and baywide supported the baywide supported the bill and welcomed baywide supported the bill and welcomed baywide supported the bill and welcomed the baywide supported the bill and welcomed the changes and Samoan, baywide supported the bill and welcomed the changes and Samoan, welcomed the changes and Samoan, New Zealand finance definitely supported welcomed the changes and Samoan, New Zealand finance definitely supported Zealand finance definitely supported the bill They Zealand finance definitely supported the bill They Zealand finance definitely supported the bill

They were looking Zealand finance definitely supported the bill They were looking Zealand finance definitely supported the bill They were looking to the bill They were looking to it becoming a the bill They were looking to it becoming a the bill

They were looking to it becoming a full service financial becoming a full service financial becoming a full service financial becoming a full service financial institution that understood becoming a full service financial institution that understood institution that understood and was incredibly institution that understood and was incredibly responsive institution that understood and was incredibly responsive to the needs institution that understood and was incredibly responsive to the needs incredibly responsive to the needs of incredibly responsive to the needs of the Pacific island community incredibly responsive to the needs of the Pacific island community incredibly responsive to the needs of the Pacific island community So of the Pacific island community So quite of the Pacific island community

So quite of the Pacific island community So quite a lot of the Pacific island community So quite a lot of the Pacific island community So quite a lot of positive not of the Pacific island community So quite a lot of positive not quite a lot of positive not just from the committee quite a lot of positive not just from the committee quite a lot of positive not just quite a lot of positive not just just from the committee but from the submitters just from the committee but from the submitters as well

There just from the committee but from the submitters as well There submitters as well There are a couple submitters as well There are a couple submitters as well There are a couple of things that submitters as well

There are a couple of things that couple of things that definitely stood out in couple of things that definitely stood out in the couple of things that definitely stood out in the submissions One couple of things that definitely stood out in the submissions One stood out in the submissions One of them was stood out in the submissions One of them was stood out in the submissions

One of them was around the issue that stood out in the submissions One of them was around the issue that them was around the issue that a lot of the them was around the issue that a lot of the speakers them was around the issue that a lot of the speakers prior to them was around the issue that a lot of the speakers prior to them was around the issue that a lot of the speakers prior to myself of the speakers prior to myself have talked about, which of the speakers prior to myself have talked about, which of the speakers prior to myself have talked about, which was the of the speakers prior to myself have talked about, which was the ability talked about, which was the ability for credit talked about, which was the ability for credit talked about, which was the ability for credit unions talked about, which was the ability for credit unions to talked about, which was the ability for credit unions to for credit unions to retain their mutuality There for credit unions to retain their mutuality There was for credit unions to retain their mutuality There was a certain for credit unions to retain their mutuality

There was a certain mutuality There was a certain fear that mutuality There was a certain fear that mutuality There was a certain fear that by incorporating mutuality There was a certain fear that by incorporating the mutuality

There was a certain fear mutualities that they were mutuality There was a certain fear mutualities that they were mutuality There was a certain fear mutualities that they were going to mutuality There was a certain fear mutualities that they were going to mutualities that they were going to be slowly turned mutualities that they were going to be slowly turned mutualities that they were going to be slowly turned into mutualities that they were going to be slowly turned into a mutualities that they were going to be slowly turned into a mutualities that they were going to be slowly turned into a big be slowly turned into a big corporatised be slowly turned into a big corporatised organisation and there be slowly turned into a big corporatised organisation and there be slowly turned into a big was a strong fear be slowly turned into a big was a strong fear about be slowly turned into a big was a strong fear about that And be slowly turned into a big was a strong fear about that

And was a strong fear about that And also a was a strong fear about that And also a was a strong fear about that And also a big departure was a strong fear about that And also a big departure also a big departure from what credit unions were initially also a big departure from what credit unions were initially credit unions were initially set up to do, credit unions were initially set up to do, credit unions were initially set up to do, which was on credit unions were initially set up to do, which was on credit unions were initially set up to do, which was on a credit unions were initially set up to do, which was on a very small to do, which was on a very small scale, to do, which was on a very small scale, look after each other

to do, which was on a very small scale, look after each other In scale, look after each other In absence scale, look after each other In absence scale, look after each other In absence of the scale, look after each other

In absence of the scale, look after each other In absence of the big banks being scale, look after each other In absence of the big banks being in absence of the big banks being in there, absence of the big banks being in there, absence of the big banks being in there, they were absence of the big banks being in there, they were there, they were quite happy with that position there, they were quite happy with that position That that position

That was probably some that position That was probably some that position That was probably some of the that position That was probably some of the that position That was probably some of the biggest fears that that position

That was probably some of the biggest fears that some of the biggest fears that came out of some of the biggest fears that came out of some of the biggest fears that came out of the submissions that were some of the biggest fears that came out of the submissions that were out of the submissions that were against it out of the submissions that were against it The out of the submissions that were against it The select out of the submissions that were against it The select against it

The select committee have against it The select committee have against it The select committee have recommended new against it The select committee have recommended new sections against it The select committee against it

The select committee section 106(b)(1) which explicitly say section 106(b)(1) which explicitly say states that a section 106(b)(1) which explicitly say states that a say states that a credit union must act only say states that a credit union must act only say states that a credit union must act only in pursuance say states that a credit union must act only in pursuance say states that a credit union must act only in pursuance of its say states that a credit union must act only in pursuance of its act only in pursuance of its objectives or act only in pursuance of its objectives or act only in pursuance of its objectives or in act only in pursuance of its objectives or in ways act only in pursuance of its objectives or in ways objectives or in ways incidental to its objectives objectives or in ways incidental to its objectives The its objectives The other thing that its objectives The other thing that its objectives

The other thing that came out its objectives The other thing that came out was the its objectives The other thing that came out was the ability came out was the ability of credit unions to be came out was the ability of credit unions to be came out was the ability of credit unions to be able to make came out was the ability of credit unions to be able to make came out was the ability of credit unions to be able to make loans unions to be able to make loans to interprices related unions to be able to make loans to interprices related unions to be able to make loans to interprices related to its unions to be able to make loans to interprices related to its enterprises related to its members One enterprises related to its members One submission said enterprises related to its members

One submission said enterprises related to its members One submission said that they kind enterprises related to its members One submission said that they kind One submission said that they kind of do it anyway They One submission said that they kind of do it anyway They One submission said that they kind of do it anyway

They just of do it anyway They just used another route of do it anyway They just used another route of do it anyway They just used another route to be of do it anyway They just used another route to be another route to be able to get there

It was another route to be able to get there It was another route to be able to get there It was interesting to be another route to be able to get there It was interesting to be there It was interesting to be able to sit there

It was interesting to be able to sit there It was interesting to be able to sit there and there It was interesting to be able to sit there and there It was interesting to be able to sit there and listen to that there It was interesting to be able to sit there and listen to that to sit there and listen to that and to to sit there and listen to that and to to sit there and listen to that and to hear them say, to sit there and listen to that and to hear them say, to sit there and listen to that and to sit there and listen to that and if you are going to modernise the legislation if you are going to modernise the legislation then if you are going to modernise the legislation then if you are going to modernise the legislation then why don't you do it legislation then why don't you do it legislation then why don't you do it legislation then why don't you do it to make ate whole legislation then why don't you do it to make ate whole lot to make ate whole lot more cleaner

We would to make ate whole lot more cleaner We would to make ate whole lot more cleaner We would be like to to make ate whole lot more cleaner We would be like to be We would be like to be able to Lind to We would be like to be able to Lind We We would be like to be able to Lind to our members for We would be like to be able to Lind to our members for We would be like to be able to Lind to our members for the purpose We would be like to be able to Lind to our members for the purpose of to our members for the purpose of to our members for the purpose of to our members for the purpose of to our members for the purpose of to our members for the purpose of departure from what they had departure from what they had departure from what they had traditionally done departure from what they had traditionally done

That was the departure from what they had traditionally done That was the departure from what they had traditionally done That was the way traditionally done That was the way they saw traditionally done That was the way they saw traditionally done

That was the way they saw themselves traditionally done That was the way they saw themselves as traditionally done That was the way they saw themselves as being modern, traditionally done That was the way they saw themselves as being modern, they saw themselves as being modern, credible, they saw themselves as being modern, credible, responsive to they saw themselves as being modern, credible, responsive to they saw themselves as being modern, members' needs Apparently they saw themselves as being modern, members' needs

Apparently they saw themselves as being modern, members' needs Apparently there they saw themselves as being modern, members' needs Apparently there are they saw themselves as being modern, members' needs Apparently there are members' needs Apparently there are lots of their members members' needs

Apparently there are lots of their members members' needs Apparently there are lots of their members that lots of their members that come forward looking lots of their members that come forward looking lots of their members that come forward looking for money for lots of their members that come forward looking for money for their forward looking for money for their small forward looking for money for their small forward looking for money for their small or medium business forward looking for money for their small or medium business small or medium business enterprises and I'm pleased small or medium business enterprises and I'm pleased small or medium business enterprises and I'm pleased to say small or medium business enterprises and I'm pleased to say small or medium business enterprises and I'm pleased to say that small or medium business enterprises and I'm pleased to say that the and I'm pleased to say that the select committee recommended select committee recommended mechanisms select committee recommended mechanisms to allow the credit select committee recommended mechanisms to allow the credit mechanisms to allow the credit unions to be able mechanisms to allow the credit unions to be able to mechanisms to allow the credit unions to be able to make those mechanisms to allow the credit unions to be able to make those unions to be able to make those small unions to be able to make those small and unions to be able to make those small and small and medium sized enterprises accessible small and medium sized enterprises accessible to small and medium sized enterprises accessible to loans small and medium sized enterprises accessible to loans Time small and medium sized enterprises accessible to loans Time flies! small and medium sized enterprises accessible to loans

Time flies! Let accessible to loans Time flies! Let me accessible to loans Time flies! Let me just accessible to loans Time flies! Let me just cut accessible to loans Time flies! Let me just cut to me just cut to the chase then

me just cut to the chase then Sorry, let me just cut to the chase then Sorry, let me just cut to the chase What we had wanted Thank you everybody What we had wanted

Thank you everybody Thank What we had wanted Thank you everybody Thank What we had wanted Thank you everybody

Thank you very What we had wanted Thank you everybody Thank you very everybody Thank you very much Thank you everybody

Thank you very much Thank you everybody Thank you very much Thank you very much! The everybody Thank you very much

Thank you very much! The Thank you very much! The bill includes measures Thank you very much! The bill includes measures Thank you very much! The bill includes measures and I just Thank you very much! The bill includes measures and I just want includes measures and I just want to ping these off includes measures and I just want to ping these off ping these off very quickly The whole point ping these off very quickly The whole point ping these off very quickly The whole point of the ping these off very quickly The whole point of the ping these off very quickly

The whole point of the reforms was ping these off very quickly The whole point of the reforms was whole point of the reforms was to simplify whole point of the reforms was to simplify whole point of the reforms was to simplify the objects of the credit whole point of the reforms was to simplify the objects of the credit simplify the objects of the credit union, simplify the objects of the credit union, to cover the simplify the objects of the credit union, to cover the union, to cover the activities of its benefits union, to cover the activities of its benefits to union, to cover the activities of its benefits to member, its benefits to member, to provide the its benefits to member, to provide the incorporation, its benefits to member, to provide the incorporation, as its benefits to member, to provide the incorporation, as the incorporation, as I've just mentioned, of the incorporation, as I've just mentioned, of the the incorporation, as I've just mentioned, of the credit unions and mentioned, of the credit unions and mentioned, of the credit unions and mentioned, of the credit unions and to enable the credit unions mentioned, of the credit unions and to enable the credit unions to enable the credit unions and the associations of to enable the credit unions and the associations of to enable the credit unions and the associations of credit to enable the credit unions and the associations of credit unions associations of credit unions to have all associations of credit unions to have all associations of credit unions to have all the powers of associations of credit unions to have all the powers of have all the powers of a natural person This This is This is This is a very This is a very This is a very important This is a very important piece of legislation This is a very important piece of legislation As This is a very important piece of legislation

As I've This is a very important piece of legislation As I've legislation As I've said, the credit legislation As I've said, the credit legislation As I've said, the credit unions legislation

As I've said, the credit unions play a very legislation As I've said, the credit unions play a very essential credit unions play a very essential part credit unions play a very essential part credit unions play a very essential part in the market credit unions play a very essential part in the market part in the market for banking services Again, part in the market for banking services Again, part in the market for banking services Again, as part in the market for banking services

Again, as I've part in the market for banking services Again, as I've said services Again, as I've said before, services Again, as I've said before, particularly services Again, as I've said before, particularly for people services

Again, as I've said before, particularly for people on before, particularly for people on low incomes before, particularly for people on low incomes before, particularly for people on low incomes and for before, particularly for people on low incomes and for low incomes and for beneficiaries as well low incomes and for beneficiaries as well well Those people who find it difficult to Those people who find it difficult to walk Those people who find it difficult to walk Those people who find it difficult to walk in with Those people who find it difficult to walk in with Those people who find it difficult to walk in with their head Those people who find it difficult to walk in with their head held Those people who find it difficult to walk in with their head held Those people who find it difficult to walk in with their head held high to walk in with their head held high into a banking institution to walk in with their head held high into a banking institution

This into a banking institution This is new territory for into a banking institution This is new territory for into a banking institution This is new territory for me but I'm proud into a banking institution This is new territory for me but I'm proud new territory for me but I'm proud to have new territory for me but I'm proud to have to have sat alongside the committee and to have sat alongside the committee and to have sat alongside the committee and to have listened to have sat alongside the committee and to have listened to to have sat alongside the committee and to have listened to the to have sat alongside the committee and to have listened to the concerns and to have listened to the concerns of submitters on this

and to have listened to the concerns of submitters on this I of submitters on this I was pleased to of submitters on this I was pleased to of submitters on this I was pleased to report of submitters on this

I was pleased to report back to of submitters on this I was pleased to report back to of submitters on this I was pleased to report back to our Labour of submitters on this I was pleased to report back to our Labour caucus, to report back to our Labour caucus, that this is a to report back to our Labour caucus, that this is a to report back to our Labour caucus, that this is a bill we to report back to our Labour caucus, that this is a bill we that this is a bill we should be supporting that this is a bill we should be supporting

I that this is a bill we should be supporting I support that this is a bill we should be supporting I support the supporting I support the credit unions, I haven't supporting I support the credit unions, I haven't supporting

I support the credit unions, I haven't yet opened up an supporting I support the credit unions, I haven't yet opened up an unions, I haven't yet opened up an account with them, but I unions, I haven't yet opened up an account with them, but I unions, I haven't yet opened up an account with them, but I am going unions, I haven't yet opened up an account with them, but I am going account with them, but I am going to be monitoring the account with them, but I am going to be monitoring the progress be monitoring the progress of credit unions, be monitoring the progress of credit unions, especially unions, especially in my community very unions, especially in my community very unions, especially in my community very closely Yes, unions, especially in my community very closely Yes, unions, especially in my community very closely Yes, it was unions, especially in my community very closely

Yes, it was done very closely Yes, it was done in 1982 It very closely Yes, it was done in 1982 It very closely

Yes, it was done in 1982 It is very closely Yes, it was done in 1982 It is time for very closely Yes, it was done in 1982

It is time for very closely Yes, it was done in 1982 It is time for a refresh 1982 It is time for a refresh

Congratulations 1982 It is time for a refresh Congratulations to 1982 It is time for a refresh Congratulations to 1982

It is time for a refresh Congratulations to all 1982 It is time for a refresh Congratulations to all of Congratulations to all of the submitters Congratulations to all of the submitters Congratulations to all of the submitters and I'm Congratulations to all of the submitters and I'm Congratulations to all of the submitters and I'm sure they will submitters and I'm sure they will have submitters and I'm sure they will have great pride when submitters and I'm sure they will have great pride when submitters and I'm sure they will have great pride when they hear submitters and I'm sure they will have great pride when they hear that have great pride when they hear that we have listened have great pride when they hear that we have listened have great pride when they hear that we have listened to their concerns, have great pride when they hear that we have listened to their concerns, we have listened to their concerns, acted accordingly, and we have listened to their concerns, acted accordingly, and to acted accordingly, and to those submitters who acted accordingly, and to those submitters who acted accordingly, and to those submitters who are still acted accordingly, and to those submitters who are still acted accordingly, and to those submitters who are still feeling a acted accordingly, and to those submitters who are still feeling a submitters who are still feeling a little bit left outside submitters who are still feeling a little bit left outside little bit left outside of the scope, little bit left outside of the scope, little bit left outside of the scope, I hope that little bit left outside of the scope, I hope that little bit left outside of the scope, I hope that they scope, I hope that they can keep engaging with scope, I hope that they can keep engaging with scope, I hope that they can keep engaging with other credit unions scope, I hope that they can keep engaging with other credit unions engaging with other credit unions to make engaging with other credit unions to make engaging with other credit unions to make sure that engaging with other credit unions to make sure that make sure that they can work together make sure that they can work together make sure that they can work together to iron out make sure that they can work together to iron out make sure that they can work together to iron out any together to iron out any kind of differences together to iron out any kind of differences

Again, together to iron out any kind of differences Again, I commend together to iron out any kind of differences Again, I commend differences Again, I commend the committee and commend differences Again, I commend the committee and commend committee and commend this particular bill committee and commend this particular bill committee and commend this particular bill to committee and commend this particular bill to the particular bill to the House

Kia ora particular bill to the House Kia ora I particular bill to the House Kia ora

I particular bill to the House Kia ora I call Lawrence Yule particular bill to the House Kia ora

I call Lawrence Yule It's particular bill to the House Kia ora I call Lawrence Yule It's my particular bill to the House

Kia ora I call Lawrence Yule It's my ora I call Lawrence Yule It's my pleasure to ora

I call Lawrence Yule It's my pleasure to give ora I call Lawrence Yule It's my pleasure to give the concluding ora I call Lawrence Yule

It's my pleasure to give the concluding pleasure to give the concluding remarks on the Friendly Societies remarks on the Friendly Societies and remarks on the Friendly Societies and Credit Unions remarks on the Friendly Societies and Credit Unions (Regulatory and Credit Unions (Regulatory Improvements) and Credit Unions (Regulatory Improvements) and Credit Unions (Regulatory Improvements) Amendment Bill 2017 Improvements) Amendment Bill 2017 Like Improvements) Amendment Bill 2017 Like other speakers, Improvements) Amendment Bill 2017 Like other speakers, Improvements) Amendment Bill 2017

Like other speakers, and Like other speakers, and particularly the Hon David Like other speakers, and particularly the Hon David Carter, Like other speakers, and particularly the Hon David Carter, I Like other speakers, and particularly the Hon David Carter, I particularly the Hon David Carter, I joined this process later particularly the Hon David Carter, I joined this process later joined this process later in the piece I joined this process later in the piece I joined this process later in the piece I do joined this process later in the piece I do want to joined this process later in the piece

I do want to joined this process later in the piece I do want to acknowledge the piece I do want to acknowledge the work