Our Vision for Credit Unions
As ESG transforms investor behaviour and consumers actively choose altruistic causes, credit unions’ unique ethos is ideally suited to building a better Ireland.
CUDA’s shared vision with its members envisages an expanded role for credit unions in three key areas:
Financial
- Access to affordable credit
- Business lending
- Lifetime financial health
Social
- Social and affordable housing
- Retirement security
- Community rewards
Environmental
- Energy-efficient housing
- Clean mobility
- Sustainability
To make this a reality, policy makers should permit capable credit unions to expand their services and innovate within reasonable risk parameters.
In parallel, credit unions must secure financial sustainability by augmenting trust with a modern business model based on capability and performance.
This we call the Model Credit Union.
Credit unions’ people-first approach is essential to Ireland’s socio-economic fabric
Members First
Credit unions are owned by their members, who play an active role shaping how their credit union is run. Benefits flow directly to members and good causes, not distant financial investors. Membership of 3.4m demonstrates that people value the ethical approach which credit unions champion.
Financial Inclusion
Credit unions are a safe-haven for members of all ages. Pragmatic lending helps those excluded by banks and diminishes money lenders. Depositors are protected by state guarantee. New digital capabilities are available for young cohorts, alongside branches for those seeking the personal touch.
Economic Catalyst
Credit union lending drives consumption and investment by consumers and business, boosting state tax revenue. Growing support for SMEs and Agriculture secures employment for thousands and is essential as other lenders withdraw from the market.
Charitable Causes
Credit unions support thousands of charitable initiatives across Ireland each year. From volunteering to funding, sponsorship and donations; the selfless effort of credit unions provides an essential lifeline to people and communities who need it most.
Plan for government
Credit unions have the capability and desire to support Ireland’s economic renewal
Reigniting and Renewing the Economy
COVID-19 and Brexit have challenged consumer, business and state finances. Credit unions have the products, capital and skills to play an active role in economic renewal at a local and national level, and are particularly well suited to targeted lending initiatives.
Balanced Regional Development
Credit unions are one of the few financial service providers present across urban and rural Ireland. Integral to their communities, and with existing capabilities in consumer, business and Agri lending, credit unions can catalyse policies aimed at regional development and become true community banks.
Better Quality of Life for All
Growing disparities in income, health and education present a significant challenge to society and the state. Credit unions can improve the lifetime financial health of members, from lending to channelling low yield savings into effective long-term pension investments.