Credit Unions (Amendment) Bill

Overview

The Credit Unions (Amendment) Bill has been introduced to the Assembly by the Minister for the Economy.

The Bill’s stated objective is to modernise credit union legislation in Northern Ireland, supporting the continued development of the sector and providing credit unions with a clearer and more flexible statutory framework within which to serve their members and communities.

The Bill is described as:

• conferring or clarifying powers relating to the activities which credit unions may undertake, including specified financial activities, deferred shares, ancillary services and loan participation
• clarifying or amending arrangements relating to membership and governance, including minimum age requirements, admission of family members, remote meetings and the register of members and officers.
• amending other operational matters, including transfers of engagements, referrals between credit unions, the holding of land and the application of surplus.
• Including regulating -making powers under the 1985 Order, together with general provisions on interpretation, commencement and short title.

Why your views matter

The Committee is seeking views from stakeholders on the objectives, proposals and potential consequences of the Bill.

Your views will help to inform the Committee for the Economy's consideration of the Bill and any recommendations it may suggest as it moves to the next stage of the legislative process.