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06 Sept 2025
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06 Sept 2025
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Services offered by credit unions in Northern Ireland are set to be expanded under new Stormont proposals.
Economy minister Caoimhe Archibald has launched a public consultation on a series of measures aimed at strengthening and modernising the sector.
Legislation governing how credit unions operate is 40 years old and representatives of the sector have been calling for law changes to enable them to offer more to members.
Credit unions are currently restricted in their ability to offer current accounts, digital banking, credit cards and mortgages.
📹WATCH
Economy Minister Dr @CArchibald_SF has launched a public consultation on legislation to modernise and strengthen the credit union sector.
Read the consultation and have your say at:https://t.co/xZxs85m1dM pic.twitter.com/3C0bYEsTfA
— Economy NI (@Economy_NI) April 17, 2025
Ms Archibald is proposing to amend the legislation to allow them to provide a broader range of financial services, including insurance products.
The new laws would also be designed to allow the Department for the Economy to expand the list of permitted services in the future through the use of secondary legislation.
Other proposals include allowing credit unions to lend more to businesses, charities and local community groups.
Steps to embrace digital services and new technologies are also included in the consultation.
Ms Archibald said the proposed reforms would ensure the sector remains sustainable, inclusive and responsive to the changing needs of its members and the wider economy.
“Credit unions are rooted in communities,” she said.
“They offer accessible and ethical financial services, and they do so with a deep understanding of local needs.
“I want to make sure they are supported and thrive in the years ahead.
“This consultation is a chance for credit unions, their members and the wider public to shape the future of the movement here.”
The proposals were co-designed by the Irish League of Credit Unions and the Ulster Federation of Credit Unions alongside the Department for the Economy.
Ms Archibald added: “My department is committed to the promotion of financial inclusion and a regionally balanced economy in which everyone shares in the benefits of prosperity, credit unions are integral to that goal.”
The consultation on the Credit Union (Modernisation and Reform) Bill will close on Thursday July 10.
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