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Churches Mutual Credit Union launched


12 Feb 15

A new credit union for ministers and employees of their churches has been launched. 

The Archbishop of Canterbury, Most Rev Justin Welby, joined the Moderator of the General Assembly of the Church of Scotland, Rt Rev John Chalmers, and the President of the Methodist Conferences, Rev Ken Howcroft, at Church House in London to celebrate their churches' collaboration in forming the credit union. 

At least 60,000 people, including ordained ministers, lay ministers, employees and trustees of the churches involved will be eligible to join the Churches Mutual Credit Union (CMCU)

The CMCU, which also includes the Scottish Episcopal Church and the Church in Wales, will offer a range of savings and loan products, with fairness at the heart of its values.

Speaking at the launch, Archbishop Justin Welby said: “This is a major step to say that over time the credit union sector is a viable sector, not just in the poorest areas but for everyone.

“It adds to the ways in which the church is engaging with issues of poverty in this country very actively, and in a very focused and decisive way. That is an important step - it’s not just saying such-and-such ought to happen; it’s saying it ought to happen and we’re going to be part of it.”

Rt Rev John Chalmers said: “Many of the most successful credit unions are, or were originally, employment based, and CMCU will ensure that many people in the community will have first-hand experience of a credit union and be able to pass the word on about the services they can provide.” 

Canon Antony MacRow-Wood, CMCU President and a former President of ABCUL, said: “After several years of development this is a great day for our churches and a great day for the British credit union sector. 

“The Church forms an obvious community with many shared interests and as such it has a natural fit with the idea of a credit union. The recycling of capital within the community, not least for mission, will be of benefit to all.”

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