Economy Minister Dr Caoimhe Archibald has announced plans to introduce a bill modernising credit union legislation.

The Credit Union (Modernisation and Reform) Next Steps document follows a public consultation and sets out proposals to update the legislative and policy framework.

Credit unions in Northern Ireland have almost 600,000 members.

Further changes will be delivered through secondary legislation and a permanent Credit Union Advisory Group of sector representatives and experts.

Irish League of Credit Unions representative Martin Fisher welcomed the publication and said it supports sustainable growth, innovation and financial inclusion.

Ulster Federation of Credit Unions representative William McKeown said the sector supports many people across the community.

Ulster Unionist MLA Diana Armstrong welcomed the bill and called for representation of small, rural and volunteer-led credit unions on the advisory group.