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The Credit Unions Act 2010 (the Act) provides details regarding licensing for credit unions in Bermuda, found in the Regulatory Legislative Documents under Legislation. Relevant not-for-profit organisations are in particular referred to Section 3 of the Act concerning international principles and standards for credit unions. The Authority’s Statement of Principles (SoP) was drafted pursuant to Section 5 of the Act, and outline, amongst others, the minimum licensing criteria (Second Schedule) for credit unions in Bermuda. A copy of the Banking SoP is available in the Regulatory Legislative Documents under Policy and Guidance.

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