The Bermuda Industrial Union's Credit Union will be reviewed for an upgrade by a leading credit union representative.

Malcolm Edwards. who represents the World Council of Credit Unions. is in Bermuda and is currently meeting with the BIU to discuss how to put its credit union on the same level as unions all over the world.

The BIU Credit Union has 5,000 members in Bermuda.

Mr. Edwards said a bill will be tabled this autumn by Finance Minister Paula Cox to update the 27-year-old legislation on credit unions. "We have been made aware that the Minister had made a statement in the House that it is her intention to take to Parliament a new bill in respect of credit unions. The existing bill is from 1982."

Mr. Edwards continued: "We operate in 97 countries. Our membership is 47,000 credit unions with 187 million members. It's a fantastic network for Bermuda to belong to. The theme for last year's Credit Union Day was 'It belongs to me'."

International Credit Union Day this year is October 15 when the theme is 'Your money, your choice, your credit union'.

Mr. Edwards spoke about why credit unions are important, especially today.

"Making it very clear, ordinary people shouldn't be restricted from having access to financial services. And also that everybody in this Country and this world needs to understand more about money. We are now benefiting from increased regulations worldwide."

The financier said credit unions have not had to rely on governments for bailout money.

"If one credit union is weak one will help," he added.

Mr. Edwards explained his job here will be simple.

"I will work with the BIU in terms of assisting to modernise the legislation. It's in need of modernisation. We would like to work with the BIU in terms of its future plans within a new climate, with the legislation and the policy it has to set."

He said there are many places in the world where credit unions have ATMs, online banking and offer loans.

In the Caribbean, Dominica and Jamaica are examples with Dominica's credit union giving out the most personal loans on the Island, he stated.

Mr. Edwards also said he would like to see more young people get involved with credit unions but added, the unions need to become more "tech savvy".