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U.K. churches take on payday lenders

A newly formed credit union plans to help boost credit unions

UK churches form credit unionChurches’ Mutual Credit Union (CMCU) was formed in early 2015 by five denominational churches in Great Britain.

It plans to offer a more ethical approach to finance and boost credit unions as a viable alternative to banks and payday lenders.

CMCU’s president, Canon Antony MacRow-Wood, said that the credit union will “help the credit union sector grow,” so that “there will not be a need for the payday lending sector” in about a decade.

“I hope and expect that the experience of belonging to CMCU will encourage clergy and church workers to become increasingly effective advocates for credit unions in their communities,” he added.

The new credit union will initially offer membership to about 35,000 ministers, elders and workers in the church before expanding. ◊