Credit Unions

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Licensing of credit unions

In order to obtain a special credit union operating permit (licence), a newly established union shall submit to the Financial and Capital Market Commission (the Commission) an application and documents required for obtaining a licence in accordance with the procedures prescribed by regulatory enactments.

The Commission shall process an application for a special credit union operating permit (licence) within a three-month period after the receipt of all the necessary documents. The Commission is entitled not to issue a special credit union operating licence to a newly established credit union, if, when establishing it, laws, regulatory enactments and instructions of the Commission have not been complied with. The Commission shall issue a credit union operating licence of an unlimited duration.

The Commission shall issue the licence within a three-day period after the receipt of a copy of the certified registration certificate of the credit union.

Relevant regulatory rules for licensing of credit unions are available on the Commission’s website at: http://www.fktk.lv/en/law/credit_unions/laws/