Ulster Unionist Economy spokesperson Diana Armstrong MLA has welcomed the publication of the Department for the Economy's 'Credit Union (Modernisation and Reform) Next Steps' paper and the Minister's commitment to bring forward legislation.

Diana Armstrong MLA said:

"I warmly welcome the Minister's commitment to bring forward a Bill to modernise the credit union sector. With almost 600,000 members across Northern Ireland, credit unions are at the very heart of our communities, and nowhere is that more true than in my own constituency of Fermanagh and South Tyrone, where so many people continue to feel the gap left by retreating high street banks. As branch after branch has closed its doors, it is our credit unions that have stepped up, providing trusted, accessible and ethical financial services and lending to people within their own local community who may otherwise have no access to mainstream finance. They offer the kind of social mobility that lifts families and strengthens communities right across rural Northern Ireland.

"That community role, however, comes with real challenges that any reform must reckon with. Credit unions in Fermanagh operate entirely on a voluntary basis, with no paid staff. These are dedicated volunteers, all trained in money handling and governance, who give their time freely. Any expansion of services or responsibilities therefore brings serious implications for the safety and security of money, equipment and staff, and for the ability of volunteers to manage increased operational demands. These concerns must be carefully considered, not glossed over, before any widening of remit is undertaken. I would also urge the Minister to recognise the very real pressures of rural isolation and poor internet access, both for members and within credit union premises themselves, which cannot be ignored if reform is genuinely to work for every community.

"I welcome the establishment of a permanent Credit Union Advisory Group, and I would urge that the voices of small, rural and volunteer-led credit unions are properly represented within it. The real test now is delivery. My party colleagues and I will engage constructively and scrutinise the detail to ensure this Bill strengthens, rather than burdens, the credit unions our communities depend on."