ABSTRACT
This chapter aims to determine whether or not a flexible legal framework could assist the evolution of the movement, as will be demonstrated in other jurisdictions. In the United States of America, credit unions are organized under both state and federal laws. Credit unionists have placed great emphasis on the importance of a flexible legal framework for some reasons. Nevertheless, the growth of credit unions in North America is extraordinary and this reflects a number of factors including the influence of “pioneers”, economic conditions, a good organizational framework and a favourable legal framework. In Great Britain, the credit union movement is at the second stage of development, thus illustrating that they have failed to develop when compared to those in other jurisdictions. Unlike credit unions in the United States of America and the Republic of Ireland, the movement in Great Britain is stagnant.
