Mansfield District Council has pledged its support of local credit unions after members agreed to pass a motion at a meeting of the Full Council on 24 April.
The motion, which was put forward by Cllr Martin Lee, asked the Council to:
- support Nottinghamshire Credit Union (NCU) by ensuring that all Council workers have the option of their pay or a proportion of their pay going into an NCU account,
- encourage the 50 biggest businesses in Mansfield to set up payroll deduction facilities to NCU, and
- have a strategy to tackle legal loan sharks in the Mansfield District.
Nottingham Credit Union is a co-operative, owned and controlled by its members. It promotes savings, provides credit at reasonable rates, and provides financial services to its members. It's authorised and regulated by the Financial Services Authority and is a member of the Financial Services Compensation Scheme.
Mansfield District Council is already a partner of NCU and over the years members of its workforce have taken the opportunity to save with the union and taken advantage of favourable loans. The Council's renewed commitment of its partnership to the credit union will raise the awareness of the services available to its staff and members. It is hoped the move will also set an example and encourage other businesses within the District to do the same.
To look at how the Council can play a part in tackling loan sharks, a working group of its members and officers will be set up to work with other interested parties to devise a plan for the protection of the financially vulnerable.
Cllr Martin Lee said: "This motion is our chance to bang the drum for Credit Unions. To tell the town that Mansfield District Council sees Nottingham Credit Union as a beacon of community engagement, helping those struggling families in our town. Credit unions are fair and responsible community banks, which work for people and not just profits."
Executive Mayor Tony Egginton added: "The rise in living costs and the pressure on family finances mean some are turning to high interest loans and loan sharks to make ends meet. Credit Unions offer fair and affordable financial services, which are regulated. I am therefore pleased the Council has supported this motion and has come together to help protect the financial interests of the people who live and work within our District."
For more information about Nottingham Credit Union visit: www.nottinghamcu.co.uk
Published 03 May 2012
Page last updated: 16 February 2015