East London Credit Union

Not to be confused with Eastern Savings and Loans.

East London Credit Union
Founded2003; 21 years ago (2003)
TypeIndustrial and Provident Society
Location
Websiteelcu.co.uk

East London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Walthamstow and operating in the east London boroughs of Waltham Forest, Enfield, Haringey, Hackney, Newham, Redbridge and the Epping Forest district of Essex. All members of the credit union were instant savers; different loans were provided depending on individual circumstances.

Waltham Forest Community Credit Union (not to be confused with the separate Waltham Forest Council Employees Credit Union) was formed in 2003. It became East London Community Credit Union and finally, East London Credit Union in 2015.

A member of the Association of British Credit Unions Limited,[1] registered under the Industrial and Provident Societies Acts, East London Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings were protected against business failure by the Financial Services Compensation Scheme.[2]

The credit union went into administration and the FSCS declared it in default on 11 September 2019.[3][4][5][6][7][8]

  1. ^ Credit unions in membership of ABCUL Archived 2015-01-03 at the Wayback Machine Association of British Credit Unions (retrieved 1 November 2014)
  2. ^ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
  3. ^ East London Credit Union Ltd declared in default: FSCS to protect 5,500 members Financial Services Compensation Scheme, 11 September 2019
  4. ^ East London Credit Union Ltd - trading as Waltham Forest Community Credit Union Financial Services Compensation Scheme, 11 September 2019
  5. ^ Statement on closure of East London Credit Union (ELCU) London Borough of Waltham Forest, 13 September 2019
  6. ^ Reaidi, Joseph East London Credit Union customers protected despite administration East London and West Essex Guardian, 13 September 2019
  7. ^ Credit union collapses Waltham Forest Echo, 13 September 2019
  8. ^ Council withheld support for doomed credit union Waltham Forest Echo, 11 February 2020