The Credit Union Managers' Association said it is receiving letters from credit unions saying the Central Bank of Ireland has told them to restrict their lending.
The bank's new rules caps some credit unions at a maximum monthly lending limit of 100,000 Euros or approximately $127,650 in U.S. dollars.
Nearly 300 CUs have been told to restrict their lending, according to CUMA. The trade group said it has contacted the Central Bank about its concerns with the new rules.
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