Churches' Mutual Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. It has in excess of 1,500 members and assets of £5 million.Mladin, Natan How the Church of England is still fighting the War on Wonga Christian Today, 9 July 2018
History
Arising from a consultation among Church of England clergy on pensions and retirement housing,The origins of CMCU Churches' Mutual Credit Union (retrieved 18 October 2015) 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.Archbishop supports new Churches Mutual Credit Union Association of British Credit Unions, 11 July 2013Methodist church agrees to join CMCU Association of British Credit Unions, 31 January 2014Churches Mutual Credit Union launched Association of British Credit Unions, 12 February 2015 In 2016, the General Assembly of the United Reformed Church agreed to join,URC joins Churches' Mutual Credit Union The United Reformed Church (retrieved 6 August 2018) and, in 2017, the common bond was extended to the Roman Catholic Church in England and Wales and in Scotland.Churches' Mutual Credit Union extends Common Bond to Catholic Church Church of England, 2 February 2017Catholic Church joins Churches’ Mutual Credit Union Churches Together in Britain and Ireland, 2 February 2017
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.Wyatt, Tim CMCU is 'different' Church Times, 15 April 2016 The credit union also has a lobbying role and aims to eventually offer the service to all active members of the churches.Merrill, Jamie Church of England to open credit union in its 'war on Wonga' The Independent, 20 June 2014
A member of the Association of British Credit Unions Limited,Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014) 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.Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
See also Credit unions in the United Kingdom British co-operative movement
References
External links Churches' Mutual Credit Union Association of British Credit Unions