LONDON (7/9/13)--The Archbishop of Canterbury has formed a credit union--the Clergy Mutual CU--and became the credit union's first member Sunday, according to his website.
The credit union will serve clergy and church staff in England and Scotland, using the Church of England's and Church of Scotland's reach to expand access to credit unions, reported the London Telegraph (June 30).
The move aims to boost competition and create a more diverse financial sector, said Malcolm Brown, the Church of England's director of mission and public affairs, in the Telegraph article.
Archbishop Justin's website noted the new credit union is "part of efforts to boost credit unions in all communities" in England and Scotland. He has praised credit unions and their role in deprived areas.
Plans call for encouraging church members with relevant skills to volunteer at the financial cooperatives. Small, local lenders also could be invited to use church buildings and other community locations with the help of church members, he said.
Credit unions are already being touted by the Duchess of Cornwall. Camilla joined a credit union--London Mutual CU in Peckham, England, in May, and had visited a number of credit unions in the previous 12 months in a show of support for credit unions that provide alternatives to payday lenders (News Now May 17).