This year’s Annual General Meeting has now been concluded, and it’s time to relay the results to the members that missed out on the great opportunity to snag some complimentary biscuits and tea – and to have their say on the running of CPCU, of course.
This year, we were acting on some recommendations from last year, with the most controversial being that our members have decided to indeed impose the £5 annual charge for adult members that was discussed at the previous meeting.
There was much debate on the topic, with both pros and cons discussed for over an hour. Ultimately, we decided by a 2:1 margin to approve the measure, which will put us in line with what the vast majority of credit unions in the country have done.
The primary reason for the change is to help cover the costs of running the credit union. While we earn interest on our members’ loans, we have seen an increase in new members who do not make use of this service and use the credit union as a main current account, which has increased transactions at the counter and therefore increased administrative costs.
Some important points to note are that we do not charge transaction fees or any other hidden costs, and also provide benefits to members like our complimentary life insurance cover which can greatly increase the savings your loved ones could recieve, as well as wiping out your debts, in the event of your death.
The annual charge is applied only on adult members and business accounts, not child accounts, and it will only be applied once per person, regardless of the number of accounts they own. In addition, we may offer a waiver of the fee for a limited number of members who are in serious financial hardship. The charge will be applied at the discretion of the board of directors, and may not be imposed each year, but it is likely to be levied for the first time at the end of September this year.
Due to the hopefully short term financial difficulties we are facing, CPCU will also unfortunately not be able to supply a dividend this year. Some of the reasons for this are the increased number of members to service who have not taken out loans, and the fallout from the failure of the national Credit Union Expansion Program, which would have given us access to a country-wide IT and payment network.
However, we are hopeful that the changes we have made will allow us to move forward over the next 12 months, and we are optimistic about the future of CPCU. We hope that you will join us in moving toward the exciting things we have planned and hope to reveal to you in the near future – watch this space!
If you would like to read the details laid out at the AGM about our finances, decisions made, and so on, please feel free to take a look