Finance Minister Charles Sousa has announced changes aimed at strengthening credit unions -- including increasing their deposit insurance limits to 250-thousand dollars.
That's up from the current 100-thousand dollars for basic deposits.
Sousa says it's one of 15 recommendations in a report prepared by his department that will protect consumers and allow credit unions to meet the changing needs of their members.
Other changes would allow credit unions to own a wider spectrum of subsidiary businesses such as insurance brokerages, so they can better compete with other financial institutions.