Churches’ Mutual Credit Union now has over 1,000 members. This news was announced at CMCU’s AGM held at Church House, Westminster on Friday 26 January. CMCU is a national church credit union that encourages saving and responsible lending.
Welcoming the growth in numbers and business, the Vice-President of CMCU (the Revd Nigel Bourne, Vicar of Chalk and Church of England Pensions Board Trustee) who chaired the meeting, said, “The credit union is now beginning to offer its savings and loan products to employees of Voluntary Aided schools and Multi-Academy Trusts.”
He also explained how CMCU is a very significant ecumenical venture. “CMCU began as an Anglican, Methodist and Church of Scotland organisation, but both the United Reformed Church and Roman Catholic Church denominations have since joined.” At the meeting the members voted to extend the common bond to employees and trustees of Methodist Church charities. They also agreed the dividend payable to all savers with CMCU.
Mr Alan Yates, Moderator of the United Reformed Church was warmly welcomed to the AGM and invited to address the meeting. The Moderator explored some issues relating to vast disparities in wealth and saw CMCU as a significant step in increasing fairness of access to financial resources. He challenged the wider church to deepen its involvement in such areas with the following question: ‘Are we, as those responsible for church governance, hiding our church wealth behind the need for good corporate governance, risk management processes and prudence? Does this prevent us from taking risks with our money in the way Christ would?’
Hilary Sams, CEO of CMCU since its formation in 2014 and a Reader in the Birmingham Diocese, said of CMCU’s potential, “Our third AGM is a significant milestone as CMCU demonstrates it is in an excellent position to be a force for good in the financial market, and able to be both an ethical and competitive provider of savings and loans.”
(Photo: (left to right) Nigel Bourne, Alan Yates, Sheila Nicoll OBE, Secretary of CMCU and an Elder in the Church of Scotland).