LONDON–The influential Archbishop of Canterbury is calling on more people to sign up as members of their local credit unions.
The Most Rev. Justin Welby has been an outspoken advocate of credit unions, having previously threatened to force a payday lender out of business by helping credit unions to compete with it.
The Archbishop reiterated his support after three credit unions received five-star “Fairbanking Marks” for their ethical loan products.
“These awards represent an enormous vote of confidence in these credit unions, showing the service they provide is excellent as well as fair,” the Archbishop said. “I hope and pray that the awards will inspire more people to join credit unions, which have a very important role to play in making banking more transparent and fair, and in setting an example to the rest of the sector.”
Credit union membership in the U.K. remains limited with just under 3% of adults in the U.K. belong to a CU.