The Credit Union (Amendment) Bill 2022 is the first substantive credit union legislation since 2012, which followed the Commission on Credit Unions. Having passed the final stage in the Seanad yesterday, it will now be sent to President Higgins for signing.

Jennifer Carroll MacNeill, the minister for financial services, insurance and credit unions, said the bill “strikes a balance between enabling the growth of credit unions and keeping the community focus that is at the heart of their ethos”.

The bill broadens the definition of the ‘common bond’ which members of a credit union are required to have, which the government said will open up opportunities for credit unions to expand membership and services.

Credit unions can now refer their members to another credit union with a wider product offering, while corporate credit unions — whose members are other credit unions — can be formed for the first time.

A significant amendment made after the publication of the bill in December 2022 allows credit unions to take part in both loan participation and syndication.