Comments: Churches Mutual Credit Union formally launched

I welcome this development and wish it well. I applied to join as an individual yesterday. But why is membership restricted to clergy, employees and trustees of the sponsoring churches? If the CMCU is to help the most people in need, I would have thought it would want to attract funds from as many supporters as possible.

Posted by Malcolm Dixon at Friday, 13 February 2015 at 1:22pm GMT

As I understand it members of a credit union need to share a "common bond" so CMCU cannot be opened to everyone. However we were told at the launch that the aim is to eventually open membership to all active church members.

There is now a website, although it does not yet carry very much information.

Posted by Peter Owen at Friday, 13 February 2015 at 11:34pm GMT

I struggle to see why even having a credit union open to all church members is really a good idea.

We don't exist for our own mutual benefit at church members.

Do we?

Why on earth are the churches pushing this development so strongly and not the idea of church folk joining in their local credit union? And why is this always put forward as a bid to beat Wonga, something that it is never going to do?

Pay-day lenders need to be regulated - and bishops in the House of Lords are well placed to argue for it. Credit Unions on the other hand need to be seen as helpful community-based finance outfits, not portrayed as slightly more ethical Wongas.

Posted by Kelvin Holdsworth at Saturday, 14 February 2015 at 9:28am GMT

Is this collective button-pushing the banking equivalent of the laying-on of hands? And, if so, was the Archbishop of York exercising 'gracious restraint' by his absence?!

Posted by David Lamming at Saturday, 14 February 2015 at 9:46pm GMT

You make very good points, Kelvin, and I may have been overhasty in my enthusiasm for this venture, rather than credit unions in general. Still, to judge by the glacial speed with which my application for membership is proceeding, it may not come to anything anyway. I think they must have used government web experts to design their system!

Posted by Malcolm Dixon at Tuesday, 17 February 2015 at 4:05pm GMT
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