The Credit Union (Modernisation and Reform) Public Consultation

Overview

Ministerial foreword

The credit union movement has been a cornerstone within local communities for over 65 years, fostering financial inclusion, supporting local economies, and providing a trusted source of lending for tens of thousands of people. Credit unions are unique in their ethos, grounded in the principle of neighbours helping neighbours, and their success is a testament to the dedication of volunteers and staff who work tirelessly to serve their members.

Credit unions are not just financial institutions; they are social enterprises embedded in the heart of our towns and villages, ensuring that financial services remain accessible to all, including those who might otherwise struggle to engage with mainstream banking.

Through this consultation, my Department seeks to engage directly with credit unions, members and non-members, and key stakeholders to explore how we can create a legislative, regulatory and operational environment that enables credit unions to thrive. It proposes better legislation, investment in digital transformation, and new opportunities to lend for sustainable and community-focused projects. This will help credit unions promote financial inclusion and ultimately contribute to my vision of a regionally balanced economy, in which everyone shares in the benefits of prosperity.

I encourage all those with an interest in the future of the credit union sector to contribute to this consultation. Your insight and experience will help shape policies that ensure credit unions remain at the heart of our communities for generations to come.

Dr Caoimhe Archibald MLA

Minister for the Economy

Foreword from the Irish League and Ulster Federation of Credit Unions

This is an important opportunity for the credit union movement.

We were delighted to co-design this consultation with the Department for the Economy - and the policy proposals we have agreed upon will see continued credit union growth and will secure our place at the heart of local communities for years to come. We look forward to the outcome of this consultation and to our continued collaboration and co-design with the Department.

Martin Fisher ILCU Gordon Smyth UFCU