Angus MP Mike Weir is supporting a campaign to increase credit union membership to two million by 2020.
Credit union membership today stands at 1.2 million meaning that credit unions would need to grow by two thirds to achieve the target. Credit unions are deposit-taking savings and loans institutions which provide a source of affordable credit and safe savings as well as, in an increasing number of cases, banking services, insurance products with one or two providing mortgages. They provide services to those who would otherwise find difficulty in accessing finance and offer choice and competition in the wider market.
Mike said: “I’m supporting the #2020 vision for credit unions because credit unions provide a vital service to communities. They help people who find themselves in financial difficulty through providing affordable loans and a protected place to save and they are also helping to make banking more competitive in the aftermath of the 2008 crisis. Here in Angus the credit union can play an invaluable role in encouraging people to save for a rainy day, and provide a real alternative to the major banks.”