Why CUDA’s Bold Plea to Government Could Rewrite the Future of Credit Unions—and Your Wallet
Ever wonder why credit unions aren’t just quaint relics of the past but are rapidly evolving into powerhouse community champions? It turns out, they’ve been quietly revolutionizing the way local finance works — no, they’re not trying to morph into banks, but they do want the tools and recognition to keep growing and innovating in today’s digital age. At a recent Oireachtas finance committee hearing, Helen Carbery, CEO of the Credit Union Development Association (CUDA), laid out a compelling case for targeted government support to unlock the sector’s next leap forward — from bolstering corporate credit union frameworks to pioneering affordable housing finance initiatives. The credit union sector isn’t just surviving; it’s transforming, adapting, and ready to play an even bigger role in Ireland’s economic and community landscape — but only if policy and regulation finally get with the program. Ready to dive into this story of resilience, innovation, and real-world impact? LEARN MORE
The Credit Union Development Association (CUDA) has called on government to take targeted action to support the next phase of growth in the credit union sector.
At an appearance before the Oireachtas joint committee on finance, public expenditure, public service reform and digitalisation and Taoiseach, CUDA Helen Carbery et out how credit unions have expanded the suite of services over the past ten years.
She also identified the practical measures now needed to support their continued development while preserving their community-focused identity.
“Credit unions have transformed significantly over the past decade. They are stronger, more resilient and more professional than ever before,” Carbery told the committee.
“They are not asking to become banks. They are asking to be enabled to fulfil their distinctive community purpose in a modern financial services environment.”
Carbery set out three priority areas where government action is required to unlock the sector’s next stage of development, including progressing the corporate credit union framework and associated centralised funding infrastructure.
She also wants government to provide a clear pathway for credit unions to access digital transformation and cybersecurity support and adopt a more coordinated national approach to consumer financial wellbeing that recognises credit unions as trusted delivery partners in communities.
The committee also explored the growing role credit unions can play in supporting housing and community development initiatives.
Members highlighted the challenges faced by individuals and families who may struggle to secure finance through traditional lending channels despite having the capacity to repay a loan.
CUDA outlined how credit unions are increasingly helping to address these gaps through a community-focused approach to lending, providing practical solutions for members who may not fit conventional banking models.
Specific reference was made to an innovative affordable housing lending initiative already underway within the sector, a pilot programme with Offaly County Council and Tullamore Credit Union that is supporting the delivery of affordable housing through credit union finance.
The initiative was cited as a practical example of how credit unions can work alongside local authorities to support housing delivery and improve access to home ownership.
In addition to existing mortgage growth in credit unions, CUDA believes there is significant potential to expand such programmes nationally, enabling credit unions to play a greater role in supporting government housing objectives while helping more people access affordable homes in their own communities.
CUDA was joined at the hearing by representatives from two other sector bodies, the Credit Union Managers Association (CUMA) and the National Supervisory Forum (NSF).
“Credit unions occupy a distinctive place in Irish society. They are community-owned social enterprises that exist to improve the financial wellbeing of their members and communities. Every surplus generated is reinvested back into the communities they serve through lending, education, local initiatives and member services,” Carbery said.
“The sector has shown it can modernise, innovate and adapt. The challenge now is ensuring that legislation, regulation and public policy keep pace with that evolution and remove unnecessary barriers that prevent credit unions from delivering their full potential.
“If government wants credit unions to play a greater role in supporting housing, financial inclusion, local economic development and community resilience, they must be given the tools to do so.”
Photo: (l-r) Helen Carbery, CEO of CUDA; Paul Shaw, CEO of Tullamore Credit Union; Elaine Larke, head of legal and compliance at CUDA; and Cathal Tyther, solution centre manager, CUDA. (Pic: Supplied)
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