The Act introduces corporate credit unions (entities whose members are exclusively credit unions), amends membership rules to permit certain corporate and public bodies, and facilitates inter-credit-union services including referrals and participation in loans. It requires publication of a credit union’s common bond, provides transitional rule‑making powers, and modernises delivery of notices and copy documents including electronic options.

Governance and prudential changes strengthen oversight, adjust committee and election procedures, allow limited appointment of managers to boards, and require that loan underwriting prioritises repayment ability. The Minister may set maximum interest rates; investment permissions are broadened; supervisory and reporting powers of the Bank are enhanced; and targeted statutory provisions are disapplied to corporate credit unions.