Minister Outlines Next Steps For Credit Unions

A Bill to modernise and reform the credit union sector is to be brought forward, Economy Minister Dr Caoimhe Archibald has announced.

The plans are outlined in a ‘Credit Union (Modernisation and Reform) Next Steps’ document, which has today been published following a public consultation on proposed changes for the credit union sector, which has almost 600,000 members here.

The Minister said: “Credit unions provide a vital financial service for their members. They foster a spirit of cooperation and mutual support and are at the heart of many local communities. As we look to the future, it is essential that credit unions continue to evolve in response to changing member needs and community expectations.

“Following public consultation, these proposed next steps will modernise the credit union legislative and policy framework and expand the role that credit unions play within the economy.”

Further reform will be identified and delivered through secondary legislation and the establishment of a permanent Credit Union Advisory Group, consisting of sector representatives and subject matter experts.

Martin Fisher, Irish League of Credit Unions (ILCU) said: “The Irish League of Credit Unions welcome the publication of the ‘Next Steps’ paper and the continued commitment to strengthening and modernising the credit union movement in Northern Ireland. Credit unions play a vital role in communities across the island, and this marks an important step towards ensuring the legislative and regulatory framework within the North supports sustainable growth, innovation, and greater financial inclusion. We look forward to continuing to work closely with the Minister and officials as the proposals are progressed.”

William McKeown, Ulster Federation of Credit Unions (UFCU) added: “The UFCU welcomes and supports the efforts being made to modernise Credit Union legislation in Northern Ireland. The sector plays an important and developing role in supporting the lives of many financially right across the community.”

The consultation analysis and next steps are available on the Department’s website Credit Union Modernisation and Reform | Department for the Economy (www.economy-ni.gov.uk/publications/credit-union-modernisation-and-reform)

ENDS