Credit Unions ruled constitutional

The Constitutional Tribunal adjudicated on Friday that the law on credit unions (SKOKs) is constitutional, although smaller credit unions should be exempt from the supervision of the financial watchdog KNF. Politicians of opposition party Law and Justice (PiS) referred the law to the tribunal, arguing that credit unions shouldn't be supervised by KNF as they counter-balance foreign-owned banks. SKOKs were put under the regulatory control in 2012. Recently, the watchdog revealed that the unions suffer from capital shortfalls and took measures to implement recovery programs.