The Origins of CMCU
CMCU arose out of a consultation among Church of England clergy on pensions and retirement housing. It was noted clergy, who live for the most part on fixed but modest income, needed a means for tax efficient saving and cost effective form of credit in order to save for retirement and smooth out the peaks and troughs of expenditure. The credit union model was recognised as an ideal solution. CMCU’s development coincided with the financial crisis which gave it added urgency and led to it becoming an ecumenical project as churches sought to work together to model an alternative form of personal finance.
The Vision for CMCU
Many of the most successful credit unions in the country started as employee credit unions building up a core membership of people transacting with the credit union by payroll deduction (with its reduced transaction costs) before extending their common bond to ‘live and work’ in a particular locality. CMCU intends to emulate that pattern by restricting membership initially to clergy and ministers, licensed lay ministers, and trustees and employees of churches and church charities many of whom will be able to transact by payroll deduction. In due course, the intention is to extend membership firstly to other Christian denominations and eventually to all active church members.
Over time CMCU aspires to become a flag ship credit union that:
- Will develop competitive products and offer a level of service such that it will become the primary financial institution of choice for its members.
- Is recognised for setting new standards of professionalism, governance and innovation within the Credit Union sector.
- Acts to enhance the image of the Credit Union sector.