Catherine West MP is supporting a campaign from the All-Party Parliamentary Group on Credit Unions aimed at increasing credit union membership to 2 million by 2020.
Credit union membership today stands at 1.2 million meaning that they would need to grow by two thirds to achieve the target. To help achieve 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 to:
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
The credit union for Hornsey & Wood Green and much of north London is London Capital Credit Union, details of which can be found at www.credit-union.coop or by calling 0207 7561 1786.
Catherine West MP said: “I’m supporting the campaign because credit unions provide a vital lifeline to families in Hornsey & Wood Green in tough times. They help people stay away from payday lenders by providing affordable loans and play an important role in encouraging saving. The more people that use them, the more they will be able to do”
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. They are a protected place to save and they are also helping to make banking more competitive in the aftermath of the 2008 crisis.