Churches launch major Credit Union

A group of major Churches is promoting access to responsible credit and savings with the launch of the Churches Mutual Credit Union Ltd. (CMCU).

The Archbishop of Canterbury joined the Moderator of the General Assembly of the Church of Scotland and the President of the Methodist Conference, The Rev Ken Howcroft, at Church House in London, to celebrate their churches' collaboration in forming the flagship credit union.  

The CMCU, which also includes the Scottish Episcopal Church, and the Church in Wales, will offer a range of savings and loan products.  Fairness will be at the heart of the CMCU's values.  Initially members will be able to invest in the 'Founder Member's Bond' with ordinary savers accounts and loans becoming available in March.  In due course CMCU will offer ISA savings accounts.

At least 60,000 individuals, notably ordained ministers, licensed lay ministers, elders, employees and trustees of churches (e.g. Parochial Church Council members) and church charities are eligible to join, along with churches and Anglican and Church of Scotland charities as corporate members.

The President of the Conference, Ken Howcroft said, "Methodists are glad to support the launch of CMCU. The gap between rich and poor seems to be widening and leaving people without the resources to do new things, or even pushing them into crippling debt. When we recognise our interdependence we can share our resources to help each of us meet our needs. That is how we can all live life more fully. We wish the CMCU well."

Archbishop Justin Welsby said: " It is a notable strength of CMCU that it brings together churches from England, Scotland and Wales in this shared venture. I hope and expect that the experience of belonging to CMCU will encourage clergy and church workers to become increasingly effective advocates for credit unions in their communities."