CMCU extends to Catholic Church
02 Feb 17
Churches Mutual Credit Union (CMCU) has added clergy and employees of the Catholic Church to its common bond.
CMCU was launched two years ago by the Archbishop of Canterbury and other church leaders (pictured), with the Church of England, Church of Scotland, Methodist Church, Scottish Episcopal Church, and the Church in Wales as founder members. The United Reformed Church joined last year.
The latest extension of the common bond approved by the regulators means an estimated further 37,000 people in eligible roles within the Catholic Church in England and Wales and in Scotland can join CMCU. This includes Catholic clergy and employees of the Catholic dioceses, including staff in some Catholic schools.
The Archbishop of Canterbury Justin Welby said: "I am delighted that the Catholic Church in England and Wales and in Scotland is now under the Churches' Mutual Credit Union umbrella. This marks a huge step forward in our efforts to build a strong credit union sector in this country not just in the poorest areas but for everyone.
"I congratulate all those who have worked so hard to make the CMCU a success and I look forward to seeing it continue to grow in the future."
The credit union will be rolling out membership throughout this year, starting with the Archdiocese of Westminster.
The Archbishop of Westminster, Cardinal Vincent Nichols, said: "I'm glad to become a member of CMCU. Their work today is very important as this is a financial institution that directly reflects our shared effort to give everyone the opportunity to manage financially and to make the best of their resources.
"This credit union echoes clearly important aspects of our Christian understanding of working together for the common good."
At its Annual General Meeting last week, CMCU celebrated a year of growth in which the credit union – which started with an empty balance sheet in February 2015 –has reached savings deposits of £2.5 million and a net loan book of more than £1.6 million.
CMCU President Ven Antony MacRow-Wood said: “I am delighted to be in the position to report such strong growth and pleased that the credit union is able to reflect this growth in both the rate of dividend payable on savings and the fact we are able to announce a further cut in our lending rates. We are a lender which can both compete in the lending market and offer a personal and ethical service."