The Credit Union (Amendment) Bill 2022 has received approval for publication by Cabinet.
It will recognise the role of credit unions; support investment in collaboration and governance; and improve member services.
Cavan Monaghan Fianna Fail TD, Deputy Brendan Smith, says local credit unions and the role they play both in the economy and community is "more important now than ever before".
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He pointed out that this is the first substantive credit union legislation since 2012 and will establish corporate entities with wider availability of products.
Deputy Smith added that now is the time for credit unions to "seize this opportunity".
