Credit unions are bound by a monthly interest rate cap of 2%. In addition, legislation passed in April 2024 by the Minister for Finance lifted the longstanding prohibition on loan-related charges, which had been in place for credit unions since 1997. Prior to this change, all charges associated with a loan were incorporated into the interest rate. Given this recent adjustment, CUMA believes that any further restrictions or limitations on specific fees or charges imposed by creditors should not apply to credit unions.