High quality financial services through an institution as close as possible for everyone
Strengthening the CAR Federation and the affiliated credit institutions in the members benefit
The Federation of Credit Unions was founded in 2004. It is a legal person without patrimonial goals, as registered in the Federations Registrar of the Bucharest Tribunal. It manages a founding authorization obtained from the Public Finance Ministry and an authorization for the name as such obtained from the Ministry of Justice.
The CAR Federation became member of World Council of Credit Unions (WOCCU) by the 1st of June 2005.
From the very beginning of its activity, the CAR Federation proved to be a real democratic structure providing support and representation for all credit union like institutions that would go for a modern activity, to get a European position and to apply prudential financial regulations.
The Credit Union Federation has made a goal for itself of getting national and international representation, i.e. to lead, coordinate, supervise and control the activity of the associated Credit Unions. In its activity the CAR Federation would apply democratic principles in terms of organizations and functioning.
CAR Federation Objectives:
- representing and defending the interests of the affiliated credit institutions, i.e. when dealing with the local and central authorities, with financial institutions and other institutions from the country or from abroad;
- ensuring the regulations regarding the financial stability and the security of the existing funds of the affiliated credit unions;
- establishing the financial prudential standards and the operational policies and procedures;
- promoting the commercial image of the affiliated credit institutions;
- organizing training sessions, professional workshops and expertise exchanges in this field of activity;
- performing inspections on the affiliated credit unions;
- elaborating homogenous procedures in terms with respect to the very activity;
- accepting and administrating the placements of capital;
- granting loans to the affiliated credit unions;
- activates so as to ensure the protection of the affiliated credit unions autonomy, as provided by its own bylaws, i.e. when dealing with other structures;
- performing economic activities according to the legal provisions, i.e. in the benefit of the affiliated credit unions;
- developing cooperation relationships with financial institutions, similar organizations, as well internally, as from abroad;
- going for other activities resulting from the needs of the affiliated credit unions;
- advocating by initiatives meant to establish all the necessary legislative procedures needed for the good functioning of the affiliated credit unions;
- going for any other action permitted by the actual legislation.