Credit Union Solutions Opens Board Up

Published by Graham Tomlin for Credit Union Solutions Ltd in Local Government and also in Central Government, Communities, Education, Health, Housing

Credit Union Solutions which currently has a Board of Directors consisting of Graham Tomlin CEO, Nicola Wareing CFO and Jill Oswell Company Secretary has decided to add a further three Non Executive Directors that will be nominated from the Boards of their largest client credit unions.

This move is intended to increase feedback on member services, provide oversight of financial activity and monitor progress on the company’s business plan.

Graham Tomlin CEO of Credit Union Solutions said.

“This issue was discussed at our business planning session and after some discussion between the Executive Directors we could see no reason not to proceed.

These three credit unions provide the bulk of our income and they are entitled to monitor how it is spent. Over the last year all three have grown significantly and each now serves at least two boroughs. Ealing Credit Union serves Ealing and Brent; Thamesbank Credit Union serves Hounslow and Richmond upon Thames while M for Money Credit Union serves Hillingdon and Harrow.

More growth is expected over the coming months as more payroll agreements are signed with employers and these three look to form more partnerships.

It is expected that the enlarged Board of Director’s first meeting will be in July 2011 and quarterly thereafter.”

Credit Union Solutions has a ten year history of assisting the development of credit unions and addressing the key issues that have a negative impact upon credit union growth. High up on the list are the following:

• The ability to make better informed decisions about loans to members by ensuring that credit checks, analysis of income and expenditure and affordability are all taken into account.
• Comprehensive bank reconciliations undertaken regularly.
• Attention to defaulters and recovering as much bad debt as possible.
• Concentration on promoting the credit union with a view to recruiting new members and borrowers.
• Ensuring that Directors fully understand the financial position of their credit union including the need to address income and expenditure pressures.

The positive steps taken to support client credit union growth include:

ü  Assisting with grant applications.

ü  Drafting common bond applications.

ü  Negotiating employer payroll deduction agreements.

ü  Developing marketing materials.

The future for credit unions is likely to be very difficult going forward with the regulator keen to reduce the number of credit unions more credit unions closing down and credit union mergers being encouraged.

Credit Union Solutions offers the means by which your credit union can retain its identity whilst giving better customer service at reduced cost.

Call 020 8573 8010 for more information or e mail admin@creditunionsolutions.co.uk.