UK Money News
2nd January 2008
Abcul welcomes government initiative on credit unions
The Association of Credit Unions (Abcul) has welcomed the government's recent announcement that it intends to modernise the regulatory framework in relation to the UK's mutual lending sector.
Among the changes welcomed by Abcul is the relaxation of the rules of membership to credit unions, which will allow for corporate organisaitons to join the industry.
Mark Lyonette, chief executive of Abcul, commented: "We are pleased that the government has accepted calls for a liberalisation of the credit union common bond, to allow wider and more flexible membership for credit unions.
"We are also enthusiastic about government proposals to allow credit unions to admit corporate bodies to their membership and to pay interest on members' deposits."
Credit unions often come to the aid of people in trouble with debt or in need of help with money and the recent changes to the industry is part of what the government has described as a plan to establish a "21st century legislative framework".
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