Churches launch major credit union
11 February 2015
A group of major Churches is promoting access to responsible
credit and savings with the launch of the Churches Mutual Credit Union
The Archbishop of Canterbury, the Most Rev Justin Welby, joined
the Moderator of the General Assembly of the Church of Scotland,
the Rt Rev John Chalmers 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
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
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.
Individuals can join CMCU from tomorrow (Thursday February 12).
Mr 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 said: "My congratulations go to all involved
in establishing the Churches Mutual Credit Union as it is launched
"Credit unions have the potential to make a transformative
contribution to our financial system and I am delighted that it
will be possible for clergy, church employees and church trustees
to belong to a credit union focused on supporting their particular
"As the first supporter to sign CMCU's application to the
regulator in 2013 I am looking forward to being one of the first to
sign up as a member when registration opens tomorrow.
"It is a notable strength of CMCU that it brings together
churches from England, Scotland and Wales in this shared
"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."