The Archbishop of Canterbury is planning to expand the reach of credit unions as part of a long-term campaign to boost competition in the banking sector. He has approved proposals considering how the Church of England's reach could boost access to credit unions, which are financial co-operatives that offer short term, affordable loans to members. The church is planning a credit union, possibly in partnership with the Church of Scotland, which would lend to members of the clergy and become a source of expertise on the credit union sector.

There are also plans to encourage church members with relevant skills to volunteer at credit unions. Small, local lenders could also be invited to use church buildings and other community locations with the help of church members. With a more diverse financial sector, there should be less need for payday lenders who extract exorbitant interest rates.

Pray: for this innovative idea and that it will expand and be a force for good (Ex.22:25)

More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/10151220/Archbishop-of-Canterbury-plans-credit-union-for-the-clergy.html