New board of directors for 'nearly insolvent' credit union

A Cornish credit union that had frozen loans to members has a new board of directors after "nearing insolvency"

The change at Cornish Community Banking came after a meeting in Truro on Tuesday.

The former board had suspended loans, however the new board says that the credit union still has a future and that they aimed to provide a reliable service. 

The difficulties at the 2,500 member union came after growth funding from central government ended last year and a loss of grant funding.

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members

 

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