The Riigikogu amended the law. Starting from July, credit unions cannot accept new deposits. After this, only banks will be able to offer deposits.
The Association of Credit Unions does not like the new rules. They think they are too harsh. People may withdraw their money. Some credit unions may close.
Chancellor of Justice Ülle Madise says the new law is good. It protects people. The Riigikogu can make new rules if there is a reason.
Credit unions are like banks, but they lack sufficient oversight. Therefore, they must operate like banks.
Starting from July, credit unions cannot accept new deposits. This may make their work more difficult.
Madise says the new law is not unconstitutional. Everyone must follow the same rules.
If credit unions cannot cope with the new rules, they must close. This does not make the law bad.
If someone disagrees, they can go to court. The Supreme Court will ultimately decide whether the law is correct.