A campaign from the All-Party Parliamentary Group on Credit Unions has been given support from local Angus MP, Mike Weir.
The campaign supports a #2020 vision for credit unions aiming to increase credit union membership to two million by 2020.
Credit union membership today stands at 1.2 million meaning that credit unions would need to grow by two thirds to achieve the target. In pursuit of this the All-Party Group, supported by the Association of British Credit Unions Limited (ABCUL), is asking the Government to press ahead with commitments made in the last Parliament:
review credit union legislation to remove barriers to growth.
ensure credit union regulation remains proportionate.
support investment in sustainable business models for credit unions.
encourage employers to provide credit union services via payroll deduction.
support greater skilled volunteering in credit unions.
Credit unions are deposit-taking savings and loans institutions which provide a source of affordable credit and safe savings as well as, in an increasing number of cases, banking services, insurance products with one or two providing mortgages. They provide services to those who would otherwise find difficulty in accessing finance and offer choice and competition in the wider market.
Mike has been a long standing supporter of Angus Credit Union, which is currently in the process of merging with a larger Credit Union.
Commenting on the campaign, he said: “I’m supporting the #2020 vision for credit unions because credit unions provide a vital service to communities up and down the country.
“They help people who find themselves in financial difficulty through providing affordable loans and a protected place to save and they are also helping to make banking more competitive in the aftermath of the 2008 crisis.
“Here in Angus the credit union can play an invaluable role in encouraging people to save for a rainy day, and provide a real alternative to the major banks.”