Motherwell and District Credit Union (MDCU) is 25 years old this year and growing year on year.
The Credit Union is still very much a community Credit Union run solely by volunteers. The Credit Union has grown from 32 original members in 1992 in Forgewood to the current membership of 1669 here in Motherwell’s Merry Street. Originally known as Greater North Forge Credit Union but now trading as Motherwell & District Credit Union.
Countless challenges and changes have been experienced by the volunteers over the years, each with their own rewards and knocks. However, the legislative changes caused by the Legislative Reform Order (LRO), January 2012, posed the greatest challenge in recent years. The Board of directors and the volunteers worked hard behind the scenes to ensure that all changes were implement for the benefit of the members. The main change was the changes to the Credit Union rulebook which the LRO has necessitated.
The new rulebook and all the changes were subsequently approved by the FSA and by a ballot of the Credit Union members.
In 2013, we had to adapt to changes brought about in the April when the FSA became two separate regulatory authorities, The Financial Conduct Authority and The Prudential Regulatory Authority. This means that Credit Unions are now authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.