Credit Union History

Credit Unions originated in Germany and were founded by Friedrich Wilhelm Raiffeisen, the Mayor of a small town in Southern Germany, who in 1849 formed societies, which later evolved into Credit Unions, for the purpose of assisting people to help themselves out of debt and poverty.

Credit Unions operate not for profit or charity but to serve their members. Each Credit Union is a seperate autonomous organisation and manages its own affairs. Over 500,000 people in the UK enjoy the benefits of Credit Union membership.

Credit Unions In Burnley

Credit Unions have been established in Burnley since 1989 although membership was restricted to residents of particular areas of the town. In August 2000 a significant breakthrough was acheived when the Registrar of Friendly Societies, who were responsible for regulating Credit Unions formally lifted this restriction. This meant that anyone living, working, or being educated in the Borough of Burnley became eligible for Membership of Burnley Area Community Credit Union Ltd.

Our aim is to provide a useful financial service to our members. So far over 1000 local people now save regularly with our Credit Union. We have granted hundreds of loans at a very low rate of interest - (12.68%APR) over the past ten years of service to our local community. The income generated from these loans is given back to savers by way of an annual dividend, which means that money generated in Burnley is spent largely in Burnley and does not disappear from our local economy.

Structure

Members are elected to run the business of the Credit Union. All Credit Unions are registered in accordance with the Credit Unions Act 1979 and the Industrial and Provident Societies Act 1963 and 1965. They must be audited annually and are required to submit their accounts to their members and to the Financial Services Authority (FSA).

The Board of Management

Sub-Committee Members

  1. Peter Pike - Chairperson
  2. - Vice Chairperson
  3. Kath Rowley - Secretary
  4. Barbara Sanders - Treasurer
  5. Hilary Ward - Assistant Treasurer
  6. Alberta Duckworth - Director
  7. Christian Smith - Director
  8. Pat Bennett - Director
  9. Ann Marie Wrigley - Director
  1. Angela Moore - Credit Committee
  2. Maureen Paterson - Credit Committee
  3. Bob Hargreaves - Credit Committee
  4. - Compliance Officer
  5. Hilary Ward - Complaints Officer
  6. Money Laundering Officer - Anonymous

Volunteers

Trevor Campbell - Constance Crossley - Jean Daiches - Pat Flynn - Phil Grace - Bernie Grace - Maureen Green - Ann Greenwood - Noreen Grice Stef Heywood - Mary Irwin -  Peter Kenyon - Usman Khan - Cath Margison -  Sam McLachlan - Julie Redfern - Caroline Reynolds - Alan Riddle - Evelyn Riddle - David Rushton - Amanda Sixsmith - Carol Stinton - Julie Sunderland - Michael Taylor - Susan Thornber - Michele Tither - Barbara Tomlinson - Richard Tucker - Edith Whalley - Helen Whitaker - Joe Whitehead - Vicky Williams 

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