Credit Unions

Credit Unions

We are proud to announce our partnership with the Association of British Credit Unions (ABCUL) as a part of our focus on supporting community based initiatives.

We believe that the economic development of the United Kingdom is underpinned by the financial stability of society and believe that credit unions should play an important role in improving personal financial management in the community.

During the recession, there has been a worrying increase in the use of high cost lenders, along with an increasing habitual adoption of payday loans. These high rates are damaging to communities. We recognise that there is an alternative, and believe that credit unions will play an important role in restoring confidence to the financial landscape in this country, whilst becoming lynchpins of the local community.

We are providing support to enable The Credit Union Foundation to deliver three projects for the benefit of the credit union sector: These projects are:

1. Part funding a new officer post within ABCUL for Wales

The ABCUL Officer for Wales will:

  • Coordinate creation of a forward strategy and action plan for Welsh credit unions, securing support from key stakeholders, particularly the Welsh Government.
  • Inform the Welsh Government and other organisations about the needs and priorities of the sector and to assist policy development to support the sustainable growth of credit unions.
  • Assist credit unions to work together, share best practice and resources.
  • Establish communications, annual conferences, stakeholder events and online presence to raise the profile of ABCUL and Welsh member credit unions.

2. Develop a new education and training strategy to build the capacity of credit unions

The Credit Union Education and Learning strategy will fund resource to create a learning and development strategy and plan for UK credit unions, focused on the needs of board members, future leaders and young talent.

3. Deliver a schools saving club toolkit

The schools savings club operational tool will establish a sustainable social franchise for credit unions working in schools including new technology to deliver efficiency minimise costs and allow credit unions to increase their activity in schools. This will complement the work of the Archbishops Task Group for responsible savings and credit through “Lifesavers”, a primary school financial education and savings programme partnered with Personal Finance Education Group (Pfeg, part of Young Enterprise).

Credit Unions have long been respected by our shareholders. We are confident that our partnership with ABCUL will help to realise the full potential of the credit union movement.

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