CANTERBURY, U.K.–A credit union that was launched in part by the Archbishop of Canterbury and other church leaders is now seeking to expand to members of the Catholic Church in England and Wales and in Scotland.
Regulators in the U.K. have already given approval for the Catholic Church in England and Wales and in Scotland to become the latest Christian denomination to be included in the field of membership of the Churches' Mutual Credit Union.
The move boosts the potential membership of the CMCU by an estimated further 37,000 people from eligible groups, such as Catholic clergy and employees of the Catholic dioceses, including Catholic schools, according to Churches’ Mutual. The credit union will be rolling out membership throughout this year starting with the Diocese of Westminster.
"I am delighted that the Catholic Church in England and Wales and in Scotland is now under the Churches' Mutual Credit Union umbrella,” said the Archbishop of Canterbury, Justin Welby. “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," he said.
Added the Archbishop of Westminster, Cardinal Vincent Nichols, "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.”
CMCU was launched in February 2015 by Archbishop Justin and other church leaders 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.
It now has savings deposits of £2.5 million and a loans of approximately £1.6 million. It is authorized to make loans from £250-£15,000.