Published: 19.11.2022 Updated: 04.08.2023

Licensing of credit unions

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

Latvijas Banka 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. Latvijas Banka 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 Latvijas Banka have not been complied with.

Latvijas Banka shall issue a credit union operating licence of an unlimited duration.

Latvijas Banka 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 Latvijas Banka’s website.

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