Changing legislation

Cllr Steve Carroll and Director, Margaret Carter, at the recent opening of our New Cross Collection Point, Outram Street, Sutton-in-Ashfield

Cashfields is a community savings and loan co-operative run for and by the people of Ashfield. We provide a safe and convenient way to save your money and access to low-cost loans if you need them. We also provide free life insurance.

Have a look through our website to learn more about our services or you can always give us a call on 0115 9521455

Credit Union Facts

~ 18,000 people now hold current accounts run by Credit Unions.
~ At the end of 2008 1.7 million current accounts had been made.
~ In 2008 Credit Unions in the UK provided services to 638,000 adult members and 100,000 children and young people.
~ Worldwide there are 172 million members of credit unions.
~ Most of the adult population of the UK are eligible to join a Credit Union.

Latest News

The FSA are in the final stages of of the consultation on changes to the legislation of credit unions. The deadline for responses to the consultation is 10th February 2010 and the rule changes will take effect from 1st July.

A lot of the changes are technical and concerned with increasing capital and liquidity levels and provision for bad debts. However, there is also a discussion about whether credit unions should be allowed to have corporate members (ie. not only individuals but also groups) and also to make it easier to combine common bonds.

These changes are part of a commitment to improving and expanding credit unions in this country. If you want to know more about the changes go to the links page for the FSA website.

This entry was posted on Tuesday, December 15th, 2009 at 3:05 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.