Churches' Mutual Credit Union

Churches' Mutual Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Gloucester and operating throughout the United Kingdom. It has in excess of 600 members and assets of £3 million.[1]

Not to be confused with London Mutual Credit Union.
Churches' Mutual Credit Union
Founded2014
TypeIndustrial and Provident Society
Location
  • 3 Beaufort Buildings, Gloucester GL1 1XB
Websitecmcu.org.uk

History
See also: History of credit unions

Arising from a consultation among Church of England clergy on pensions and retirement housing,[2] the credit union was formed in collaboration by the Church of England, the Church of Scotland, the Methodist Church of Great Britain, the Church in Wales and the Scottish Episcopal Church in 2014.[3][4][5] In 2016, the General Assembly of the United Reformed Church agreed to join,[6] and, in 2017, the common bond was extended to the Roman Catholic Church in England and Wales and in Scotland.[7][8]

Activities

Membership of Churches' Mutual Credit Union is currently restricted by common bond to individuals holding a recognised position within the Anglican churches of Great Britain, the (Presbyterian) Church of Scotland, the Methodist, United Reformed and Catholic churches in either a paid or voluntary capacity. Parishes, dioceses and charities may join corporately.[9] The credit union also has a lobbying role and aims to eventually offer the service to all active members of the churches.[10]

A member of the Association of British Credit Unions Limited,[11] registered under the Industrial and Provident Societies Acts, Churches' Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[12]

See also

References
  1. Mladin, Natan How the Church of England is still fighting the War on Wonga Christian Today, 9 July 2018
  2. The origins of CMCU Churches' Mutual Credit Union (retrieved 18 October 2015)
  3. Archbishop supports new Churches Mutual Credit Union Archived 2018-08-07 at the Wayback Machine Association of British Credit Unions, 11 July 2013
  4. Methodist church agrees to join CMCU Archived 2018-08-07 at the Wayback Machine Association of British Credit Unions, 31 January 2014
  5. Churches Mutual Credit Union launched Archived 2016-03-04 at the Wayback Machine Association of British Credit Unions, 12 February 2015
  6. URC joins Churches' Mutual Credit Union The United Reformed Church (retrieved 6 August 2018)
  7. Churches' Mutual Credit Union extends Common Bond to Catholic Church Church of England, 2 February 2017
  8. Catholic Church joins Churches’ Mutual Credit Union Churches Together in Britain and Ireland, 2 February 2017
  9. Wyatt, Tim CMCU is 'different' Church Times, 15 April 2016
  10. Merrill, Jamie Church of England to open credit union in its 'war on Wonga' The Independent, 20 June 2014
  11. Credit unions in membership of ABCUL Archived 2015-01-03 at the Wayback Machine Association of British Credit Unions (retrieved 1 November 2014)
  12. Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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