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.
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.
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.
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.
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?!
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!
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