News Centre

Diocese Joins Churches Mutual Credit Union

The Diocese of Westminster has become a member of the Churches Mutual Credit Union (CMCU). CMCU voted at their annual general meeting on 27 January to extend the common bond to include members of the Catholic Church in England and Wales and in Scotland, beginning with the Diocese of Westminster.

As he completed the 1,000th application for membership to mark the event, Cardinal Vincent remarked: 'I’m glad to become a member of CMCU. Their work today is very important as this is a financial institution that directly reflects our shared effort to give everyone the opportunity to manage financially and to make the best of their resources.

'This Credit Union echoes clearly important aspects of our Christian understanding of working together for the common good.

The Archbishop of Canterbury, Justin Welby, added: 'I am delighted that the Catholic Church in England and Wales and in Scotland is now under the Churches’ Mutual Credit Union umbrella, this marks a huge step forward in our efforts to build a strong credit union sector in this country not just in the poorest areas but for everyone.

'I congratulate all those who have worked so hard to make the CMCU a success and I look forward to seeing it continue to grow in the future.'

CMCU, whose membership includes the Church of England, Church of Scotland, Scottish Episcopal Church, Methodist Church of Great Britain, the Church in Wales and the United Reform Church, was formally launched in February 2015 with Archbishop Justin Welby as its first member.

Initially, membership will be open to teachers and staff in our schools, school governors, priests, employees of the diocese, both in parishes and central services, parish council members, and volunteers in certain parish ministries, as well as members of their households.

CMCU offers ethical investments for regular rainy day savings accounts and larger lump sum deposits, as well as loans from £250 to £15,000 for a variety of purposes at competitive interest rates.

Further information about how to apply for membership will be circulated to parishes and schools soon.