Derry folk urged to have their say on legislation to strengthen and modernise credit unions

A public consultation has been opened by the Economy Minister Caoimhe Archibald with citizens invited to have their say before Thursday, July 10, 2025.

Foyle MLA Ciara Ferguson said: “Credit unions are a central part of our communities, supporting local people with trusted financial advice and assistance.

“I welcome Minister Archibald’s intention to progress legislation and ensure credit unions can continue to flourish for years to come.

“This includes consideration for credit unions to be given more powers to invest in social projects such as social housing or green initiatives such as low cost loans for heat pumps.

“This also continues with the department’s commitment to build a fairer economy for all, with equal opportunities spread across regions.”

Dr. 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 were co-designed by the Irish League of Credit Unions and the Ulster Federation of Credit Unions.

Dr Archibald said: “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 can be found here: https://www.economy-ni.gov.uk/consultations/credit-union-modernisation-and-reform-public-consultation