Economy Minister launches consultation on the future of credit unions

Economy Minister Dr Caoimhe Archibald is pictured at Armagh Credit Union with Martin Fisher, Head of NI, Irish League of Credit Unions; Martin Busch, President, Irish League of Credit Unions; and Maeve Mullan, Risk and Compliance Manager at Armagh Credit Union.

Economy Minister Dr Caoimhe Archibald has launched a public consultation on legislation to modernise and strengthen the credit union sector.

Credit unions play an ever increasing role in the financial wellbeing of individuals, families and communities.

The consultation seeks views on a range of proposed reforms that will ensure the sector remains sustainable, inclusive and responsive to the changing needs of its members and the wider economy.

Minister Archibald said:

“Credit unions are rooted in communities. 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 published today were co-designed by the Irish League of Credit Unions and the Ulster Federation of Credit Unions alongside the Department for the Economy. 

Dr 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 is open now and closes at 23:59 on Thursday 10 July 2025. 

Read the consultation and have your say by tapping here.