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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. Worldwide - 97 Countries, 54,000 Credit Unions 178 million members £603 billion in savings

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Credit Unions

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  1. 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.”

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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)

  7. Priorities • 1200 members • Integration of Wysemoney initiative • Increase Growth Fund contract • New products • Financial Inclusion Strategy

  8. For More Information • Blackpool, Fylde and Wyre Credit Union • Telephone: 01253 478827 • Email: bfwcu@blackpool.gov.uk • Website: www.bfwcu.co.uk

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