New Credit Union opens in Hackney
Bank pledges to help the poorest.
A NEW credit union is open in Hackney just a few months after the previous one closed through financial troubles.
The London Community Credit Union (LCCU) opened in Mare Street on Tuesday January 25 with a pledge to be accessible to all no matter what credit history residents have.
The previous Hackney Credit Union, which stood on the same site, was forced to close in July 2010 by the Financial Services Authority (FSA).
The bank’s financial situation had become untenable and is was losing more money than it was making mainly through people either not paying loans back or not paying them back on time.
You may also want to watch:
Furious residents were unable to remove their own cash from the bank and had to claim it back through the Financial Services Compensation Scheme (FSCC) which, in some cases, took up to eight weeks.
The new credit union, which currently has over 10,000 members, has been operating without problems in Tower Hamlets for 10 years and is convinced it can support those in need in Hackney.
- 1 Jailed: Newham men who raped and robbed women in Hackney home
- 2 Hackney's great beer gardens reopening on April 12
- 3 London's emergency services show support for LTNs
- 4 Community group crowdfunds to turn old Lea valley water depot into wild space
- 5 Hoxton restaurant showcases menus by New City College student chefs
- 6 Garden of Lament, Covid, Ramadan, homing cats and Islamophobia
- 7 Campaign to keep Hackney Wick 'alive' with street art
- 8 Godwin Lawson's mum reflects on the ‘hardest call’ after son's fatal stabbing
- 9 Hackney mum left with 'deep scars' after sexual assault at school
- 10 Police hunt Ilford man after shooting in Hackney
Ian Moseley, Chairman of the London Community Credit Union, said: “Some Government reports suggest that up to 40 per cent of Hackney residents could be considered ‘financially excluded,’ and thus subject to exploitation by unscrupulous lenders,
“LCCU aims to help move such lenders out of the Borough by offering accessible and fair financial services. Our strength lies in member-only ownership which fosters our strong service orientation.”
Credit unions are banks run and owned by residents offering bank accounts, low interest loans and other banking tools to people in any financial situation with all profits re-invested in the community.
Cllr Jonathan McShane, Hackney Council Cabinet Member for Community Services, said: “Not only will a credit union help those who are unable to open accounts with the main high street banks, it will hopefully steer people away from unscrupulous money lenders, who basically rip people off. I’d like to welcome the London Community Credit Union to Hackney and we wish them every success in their future here in the borough.”
To learn more about joining the London Community Credit Union, contact 020 7729 9218 and/or email firstname.lastname@example.org