Credit Union welcomes plans for new services

It has been confirmed a new Credit Union Bill is to be introduced which will enhance the services available to members and provide greater opportunity for credit unions to fulfil and expand the role in the community. It is expected that the Bill will be published in the next 12 months.

Welcoming the announcement Chairman Stephen Malcolm of Lisburn Credit Union said: “Confirmation that the rules under which we operate are to be updated should pave the way for new services to be introduced for our local members and allow us to reach more people and get them involved in our community run movement.

“The success of credit unions in Northern Ireland has been our ability to change and meet the needs of our members. In addition we have to adapt to embrace the opportunities offered by new technology and developments such as social media.

“As the new legislation is prepared, Lisburn Credit Union as a member of the Irish League of Credit Unions will be involved in an extensive consultation process with the Minister, the Department and local MLAs to ensure that the most appropriate legislative framework is put in place for the benefit of our members.

“As a movement we already reach 410,000 people across Northern Ireland, or half the working population. However, we are keenly aware that with an estimated 150,000 people using payday loan firms and moneylenders to pay their bills according to a recent household survey there are still many more homes for us to reach.

“New members are always welcome at our offices and can contact us or visit at any stage to speak to our trained volunteers and staff.

“As a local credit union we look forward to examining the opportunities which will be presented by the new legislation, however one thing will never change and that is our community ethos. At Lisburn Credit Union our members will always matter most.”