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Credit unions meet with Economic Secretary to the Treasury

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06 Jul 18

The meeting was an opportunity for credit unions of a range of sizes and types to help the Minister understand the experiences of credit unions on the ground and their role in supporting the overindebted and financially excluded. 

In attendance from ABCUL’s membership were: Karen Bennett, ABCUL President and Chief Executive of Enterprise Credit Union; Lucky Chandrasekera, Chief Executive of London Mutual Credit Union; Amanda Ivey, Chief Executive of Commsave Credit Union and Teresa Manning, Chief Executive of Clockwise Credit Union supported by George Puszczynski from the Clockwise board.

The meeting was a wide-ranging discussion covering diverse areas from legislative reform, regulatory proportionality, modernisation and IT and how credit unions improve savings behaviour. 

Matt Bland, ABCUL’s Head of Policy & Communications, said: “We were delighted to be invited to meet with the Minister and to explain the key challenges and issues facing credit unions and how their role can be expanded.  Credit unions across the country provide an invaluable source of affordable credit to communities that otherwise have difficulty accessing credit at reasonable rates.  But crucially, credit unions are also actively encouraging saving, providing a long-term solution to debt and a route to financial resilience.

“The Minister is obviously committed to doing what he can to assisting the sector to continue to grow and play more of a role in British society.  He took a keen interest in our members’ stories.  We took the time to explore some of our key policy asks including the case for legislative reform, maintaining proportionate regulation and the best forms of investment in credit union expansion.  He was particularly interested in how credit unions can get their services online and the growing role of FinTech as a solution to this.”

 

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