CREDIT UNIONS UNDER THE ACT OF 5TH NOVEMBER 2009 ON SAVINGS AND LOAN ASSOCIATIONS (Spóldzielcze kasy oszczednosciowo - kredytowe w swietle ustawy z dnia 5 listopada 2009r. o spóldzielczych kasach oszczednosciowo - kredytowych)

The purpose of this article is to identify the major changes in the new law on savings and loans associations in the section concerning the new structure of authorities, the process of creating credit unions, membership and the new role of the National SKOK. In author's opinion the new law on savings and loans associations in the form passed by the parliament essentially changes the way of functioning of the SKOK credit unions. The intention of the legislator which was indicated in a justification to the draft of law on SKOK credit unions was primarily to establish surveillance of the Financial Supervision Commission, to ensure the safety of SKOK credit unions' members. It seems that most indicated regulations aims not to protect members or ensure a fair state supervision, but to reduce the competitiveness of SKOK credit unions in relation to the banks. The author also draws attention to the fact that during the world economical crisis, the new law regulating the segment, which handles well in the financial market, steadily increases the number of members and reaches more and better financial results, has been fundamentally changed.