Extending Credit

The Churches' Mutual Credit Union (CMCU) has opened the way for a sixth major British Church to join as a member just under a year after the credit union was formally launched by the Archbishop of Canterbury and other church leaders.

Members of the CMCU voted unanimously at the credit union’s first Annual General Meeting to extend its common bond, or potential membership base, to include the United Reformed Church, (URC) alongside current members the Church of England, Church of Scotland, Scottish Episcopal Church, Methodist Church and the Church in Wales.

A formal application to extend the common bond will now go forward to the regulatory authorities for approval before going to the General Assembly of the United Reformed Church in July for a final decision about participation.

CMCU members at the AGM, held in Church House, Westminster, also approved the levels of dividend to be paid to all savers.

Ven Antony MacRow-Wood, Archdeacon of Dorset and CMCU President, said, “It is great that we have voted to extend the common bond to include the URC, this represents another major step forward for us in what is still our first year of operation and we hope that URC members will soon be able to enjoy the benefits of membership.

“We are also in exploratory discussions with other denominations as CMCU brings together churches across Britain to further the Archbishop of Canterbury’s vision of a stronger and more vibrant community finance sector.”

Hilary Sams, CMCU Chief Executive, said: “I am delighted not only that we have voted to include the United Reformed Church within our common bond, making it on course to become the sixth national church to join the CMCU, but to announce also that we will be paying a dividend to savers – a significant achievement in our first year of operation.

“We started from scratch just under a year ago and we now have more than 600 members from all walks of life, and over £1.4 million in savings deposits, a total that is growing every month. We look forward to expanding our membership steadily over the coming year and invite all those eligible – not just those who are ordained – to consider joining us.”

CMCU offers ethical investments for regular rainy day savings accounts and larger lump sum deposits, for anyone who holds a recognised position in a paid or voluntary capacity within the churches in the common bond including Church Council members, elders, church employees, and diocesan staff, as well as lay and ordained ministers.

The Credit Union also offers loans from £250-£15,000 for a variety of purposes at competitive interest rates. Membership is also open to churches and charities within the common bond.