Adapted from Anglican Communion News Service

Churches Mutual Credit Union Ltd. (CMCU) is now accepting members. The Archbishop of Canterbury joined the Rt. Rev. John Chalmers, moderator of the Church of Scotland’s General Assembly, and the Rev. Ken Howcroft, president of the Methodist Conference, at Church House to celebrate their respective churches’ collaboration in forming the flagship credit union.

The CMCU, which also includes the Scottish Episcopal Church and the Church in Wales, will offer a range of savings and loan services. Fairness will be at the heart of the CMCU’s values. Early members may invest in a Founder Member’s Bond. Ordinary savings accounts and loans will become available in March. In due course CMCU will offer ISA savings accounts.

At least 60,000 individuals, notably ordained ministers, licensed lay ministers, elders, employees, and trustees of churches (such as Parochial Church Council members) and church charities are eligible to join, along with churches and Anglican and Church of Scotland charities as corporate members.

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“My congratulations go to all involved in establishing the Churches Mutual Credit Union as it is launched today,” Archbishop Justin Welby said. “Credit unions have the potential to make a transformative contribution to our financial system, and I am delighted that it will be possible for clergy, church employees, and church trustees to belong to a credit union focused on supporting their particular financial needs.”

“After several years of development this is a great day for our churches and a great day for the British credit union sector,” said Canon Antony MacRow-Wood, CMCU’s president. “The Church forms an obvious community with many shared interests, and as such it has a natural fit with the idea of a credit union. The recycling of capital within the community, not least for mission, will be of benefit to all.”

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