- New government reforms are set to expand credit union membership and facilitate their growth across Britain, aiming to improve financial inclusion.
- The potential membership cap for locality-based credit unions will increase from three million to 10 million, enabling larger organisations and mergers.
- Students will now be eligible to join credit unions, and existing members can retain their full membership after retirement.
- Credit unions will also be able to admit members' relatives, even if they do not reside in the same household.
- The changes are part of a wider government effort to back the mutual sector and provide more households with access to affordable finance, with legislation to follow as parliamentary time allows.
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