Credit union reform Bill receives Executive approval in Northern Ireland
The Northern Ireland Executive has approved plans to introduce legislation aimed at modernising the credit union sector.
Economy Minister Dr Caoimhe Archibald welcomed the decision, which will allow the Credit Unions (Amendment) Bill to begin its legislative journey through the Northern Ireland Assembly.
The proposed legislation would update the Credit Unions (Northern Ireland) Order 1985, introducing changes covering membership, governance and operational flexibility.
Almost 600,000 credit union members
Credit unions provide savings and affordable lending services to communities throughout Northern Ireland.
The sector has almost 600,000 members, making the proposed changes significant for a substantial proportion of the population.
Minister Archibald said credit unions played an important role in supporting financial inclusion and reducing reliance on expensive forms of borrowing.
Legislation to begin Assembly process
The Minister said she looked forward to introducing the Bill to the Assembly.
The legislation will now begin the parliamentary process, where MLAs will have the opportunity to scrutinise the proposals.
Executive approval does not mean the reforms have become law.
External link: Department for the Economy — Credit Unions Bill receives Executive approval
Other news: £2.3m Groundwork for Growth programme