Formed in 1998 the Co-operative Credit Union was set up for co-operative group employees and their families. It is now open to employees and pensioners of a range of co-operative organisations all across the United Kingdom.
Changes in legislation gave a lot more flexibility about who could join and who could not. The Credit Union received a large award of £100,000 in 2014 to support their reserves and allow them to investigate the feasibility of their plans for growth. The credit union was seeking to extend its membership beyond employees of the Co-operative Group to allow it to serve people employed by or associated with a wide range of organisations in the co-operative and third sector.
The Co-operative Credit Union now serves members of the USDAW shop workers trade union, members of the National Association of Co-operative Officials, members of the Co-operative Party, and employees of the mid counties Co-operative Society as well as 8 other new partner organisations. As a result, the credit union added more than 1,000 new members in a year – an increase of more than 20% – and is well on its way to reaching its ambitious target of 10,000 members in 2017.
After 20 years of dedicated service to the sector, CCU now has seven members of staff and 25 volunteers helping sustain the credit union. At the 2018 AGM, CCU reported on their end of year finances and announced to members that they had managed over £5m of members savings and given out loans of £2.5 m. Celebrating their 20th anniversary year of operation pride was expressed that from a relatively modest beginning the credit union has grown into a thriving operation, serving the needs of more than 8,000 members, and their families, drawn from a range of co-operative and mutual organisations across the UK.
As part of its 20th anniversary, a credit union pioneer is recognised for his contribution to the movement and awards the Graham Southall Award for passionate support and volunteering for the credit union to Charles Sim. Mr Sim has been involved in the credit union sector for over 25 years and is chair of the Supervisory Committee of the Co-operative Credit Union.
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