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Credit Unions - PowerPoint PPT Presentation


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Credit Unions. “A credit union is a financial co-operative owned and run by its members, that offers an accessible saving facility and affordable loans to its members.”. Credit Union Movement. Worldwide - 97 Countries, 54,000 Credit Unions 178 million members £603 billion in savings

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credit unions
Credit Unions

“A credit union is a financial co-operative owned and run by its members, that offers an accessible saving facility and affordable loans to its members.”

credit union movement
Credit Union Movement

Worldwide -

  • 97 Countries, 54,000 Credit Unions
  • 178 million members
  • £603 billion in savings

UK -

  • Leeds City Credit Union – 25000 Members
  • Glasgow Credit Union – 23000 members
  • Numerous employer based Credit Unions including Police, Royal Mail, British Airways
regulation
Regulation
  • Financial Services Authority Registered and Authorised
  • Office of Fair Trading licensed
  • Financial Services Compensation Scheme covers 100% of all members’ savings (up to £50,000)
  • Internally & externally audited
  • Data Protection Registered
  • Governance – Board & Supervisory and Credit Committees
why blackpool
Why Blackpool?
  • Low pay
  • High levels of deprivation
  • Doorstep Lenders & Loan Sharks
  • High Interest Lenders
  • Lack of local Credit Union Presence
  • Financial Inclusion Agenda
  • Sustainable Community Strategy 2008-2028
our approach
Our Approach
  • Initial Partnership of local employers
  • Steady Growth
  • Expanding community engagement
  • Phase 1 - Launch to current partner staff – Jan 09
  • Phase 2 - Expand employer partnership – Jan 10
  • Phase 3 – Broaden to community – Jan 11
progress
Progress
  • Authorised by Financial Services Authority – Jan 2009
  • 600 members
  • Products - Member savings account

- Xmas savings account

- Low cost loans

  • Initiatives - DWP Growth Fund

- North West Climate Foundation

- Wysemoney (Fylde Coast YMCA)

priorities
Priorities
  • 1200 members
  • Integration of Wysemoney initiative
  • Increase Growth Fund contract
  • New products
  • Financial Inclusion Strategy
for more information
For More Information
  • Blackpool, Fylde and Wyre Credit Union
  • Telephone: 01253 478827
  • Email: bfwcu@blackpool.gov.uk
  • Website: www.bfwcu.co.uk