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Credit Unions originated in Europe in the 1840s

 

Credit unions are co-operatives and were born out of a

need at the time of the Napoleonic wars when people were

suffering drought, famine and were migrating from farms to

city slums, and earning low wages in the new factories.

Many people played a part in setting them up - prominent

Was Fredrick William Raffeisen, a German wine merchant

Who when charity failed to alleviate the situation for the

Poor citizens of Flammersfield, he decided to organise them

Ona business-like basis and gave them the opportunity to

Work for themselves as a co-operative.

Another was Luigi Luzzati, an Italian who started with a

Chair, a table, £20 of his own money and £120 from

Interested friends. His office was the pavement in Milan,

And his organisation provided help to farmers and

labourers.  He got support from the church and that gave

great impetus to the co-operative movement in rural areas.

Credit unions spread to North America in the early 1900s.

Despite the founding of the Co-op movement at about the

Same time by the Rochdale Pioneers, credit unions did not

come to this country until the 1960s, with the arrival of the

Caribbean and Irish immigrants.

The first legislation to regulate credit unions was enacted

in  1979.

The Manchester Unity Credit Union was formed from  the

amalgamation of three credit unions operating in the

Midlands, Yorkshire and London areas.  

Following the merger  in 2001, our common bond was

Extended to cover England, Scotland and Wales.

A Short History