LONDON (12/18/14)--U.K. financial regulators have given formal authorization for the Church of England to form a credit union.
"Fair returns to savers, fair interest rates on loans and the aspiration to be a flagship credit union are among the aims of the Churches' Mutual Credit Union (CMCU)," the Church of England announced on its website this week.
CMCU has been formed to serve ordained ministers, licensed lay ministers, elders, employees and trustees of the Church of England, the Methodist Church of Great Britain, the Church of Scotland, the Scottish Episcopal Church and the Church in Wales as well as their charities.
Plans call for the cooperative financial institution to eventually serve those who worship at the churches; however that expansion will require further regulator approval.
"CMCU will help many, even in its first year of operation and, in due course, it should become a significant financial resource to the church and individuals throughout England, Wales and Scotland. CMCU will enable a virtuous re-cycling of money within the church community, through a combined portfolio of savings and loan products," said Canon Anthony MacRow-Wood, CMCU president.
CMCU plans to begin to offer savings and loan services, including vehicle loans, to those eligible for membership in February.