The UK Economic Secretary to the Treasury, Kitty Ussher MP has announced a Legislative Reform package for credit unions that will include:
- liberalising membership criteria, and radically changing the
‘common bond’, so that they can provide their services to a wider range
- making it possible for groups, rather than just individuals, to become members; and
- allowing Credit Unions to pay interest on members’ deposits, provided certain conditions are met.
- allowing them to charge market rates for providing ancillary services to their members;
- lowering the minimum age for being an Officer of a Credit Union to 16, to align it with the minimum for Company Directors;
- allowing Credit Unions to publish unaudited interim accounts; and
- removing the statutory limit on non-qualifying members, but allowing Credit Unions to set their own limits if they wish.
More from The Guardian