The Proposed Anglican Mutual Credit Union
Update 5 – December 2013
- Since August the Church of Scotland have confirmed their participation so AMCU has become CMCU - the Churches’ Mutual Credit Union.
- We have submitted our Application for Authorisation to the regulators (the Prudential Regulation Authority and the Financial Conduct Authority).
- The Church Commissioners have confirmed an investment in CMCU of £200k in Deferred Shares.
- We are on schedule to launch in Autumn next year.
- We are still looking to complete the raising of the start-up capital (70% there). Gifts and grants welcome please contact us if you know of a source!
Update 4 – August 2013
With the recent endorsement of the Archbishop of Canterbury and the Moderator of the General Assembly of the Church of Scotland, plans for AMCU now seem likely to come to fruition in the summer of 2014.
- We are close to raising the capital funding necessary to launch the credit union
- We are in the final stages of discussion with the Church of Scotland to include them as part of the project
- Reflecting wider participation across the churches, we now plan to use the name “Churches’ Mutual Credit Union”
- We plan to lodge the formal application for authorisation by the end of October, 2013
- We plan to start offering savings accounts and loans on 1st October, 2014.
As well as offering the benefits of credit union membership to clergy, ministers, trustees and those employed by our Churches, the project will continue to show the Churches walking the walk as well as talking the talk of ethical investment. It will support and strengthen the credit union movement and contribute to the rebuilding of the mutual sector as a viable, ethical alternative to mainstream banking for people irrespective of their financial status.
At this point, we have to assure the regulator that the credit union will be able to attract enough active members to be viable. The survey carried out in 2009 did give this reassurance but as that was four years ago, now that the intended membership has broadened out, we will shortly be inviting all members of the proposed common bond to complete a new online survey. Please look out for the link which will be published towards the end of August.
Update 3 – March 2013
Update 2 – May 2012
Update 1, January 2012 – The timescale to launch
The purpose of AMCU
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What is a credit union?
Who will be able to join?
Agreement has been reached in principle with the FSA for a ‘common bond’ to allow the following persons in England, Scotland and Wales (but for regulatory reasons not Northern Ireland), to be members:
1. Clergy, Ordinands, Licensed lay ministers, and Employees and Trustees (i.e. PCC members) of Anglican churches and charities.
2. Persons living in the same household as the above.
3. Anglican Churches or Charities based in Great Britain (up to 10% of membership.)
What will the AMCU provide?
a) Savings facilities - including cash ISAs - at competitive rates of interest because overheads can be kept low when savings and loan repayments are transacted by deduction from the payroll.
b) Loans for the purchase of cars, for general family use (including consolidation of existing more expensive commercial loans), and ultimately for the purchase of retirement houses/flats via mortgages; again at competitive rates of interest.