Local MP, Jamie Reed, has recently shown his support for a campaign run by the All-Party Parliamentary Group on Credit Unions in support of a #2020 vision for credit unions aiming to increase credit union membership to 2 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.
The credit unions for Copeland are the Cumbria’s first Credit Union at Cleaton Moor, and the Whitehaven, Egremont and District Credit Union.
Copeland MP and Labour’s Shadow Health Minister, Jamie Reed MP 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.
“Here in Copeland, both local Credit Unions are a real lifeline for people who are struggling to make ends meet and find themselves in debt as well as providing a competitive range of loans for a whole range of purposes. They also play an invaluable role in encouraging people to save for a rainy day or towards retirement.”