Legislation to facilitate change in industry

The Government is set to publish legislation facilitating major change to the credit union industry by the end of June.

The move will usher in a wave of consolidation among the country’s 500 or so credit unions over the next four years, with many under-performing unions merging with stronger counterparts.

The legislation will incorporate the key recommendations from the much-anticipated report of the Commission on Credit Unions, which was published yesterday.