With the incumbent coming to the end of their term, LCCU is looking for a new Chair to serve its East London membership and play a key role as it looks to navigate testing economic conditions. Candidates will bring a senior background in financial services, share a commitment to responsible finance and, importantly, live or work in East London.
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London Community Credit Union has operated for over 20 years with the aim of providing ethical banking to its members. Based in East London, LCCU has an active membership of over 16,000 people who live, work or study in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London; they can apply for loans and seek a current account or a savings account.
Tower Hamlets Credit Union, the forerunner to London Community Credit Union, was established in 2000. It was set up with the support of the London Borough of Tower Hamlets and served as part of the council’s anti-poverty initiative before expanding beyond the borough and rebranding. LCCU's three branches are open six days a week alongside a telephone and online banking provision.
In 2022, the credit union's loan book stood at £10m. LCCU is owned by its membership which means any profits are invested back into the company so that they can continue to provide the best possible service and extend access to financial services.
In a time of upheaval for many people, LCCU has been a constant support and service to some of the most deprived parts of the community through the COVID-19 pandemic and the ongoing cost of living crisis. As economic conditions continue to be testing, LCCU is reducing its deficit and working to strengthen its financial health, with a continued focus on the essential services it provides to people across East London.
You can read LCCU's Annual Report for 2021-22 here.
The Chair works closely with all the other Directors, Board Administrator and the CEO, and is responsible for ensuring that the Credit Union conducts its affairs effectively and in the best interests of the members by:
With the incumbent coming to the end of their term, LCCU is looking for a new Chair to serve its East London membership and play a key role as it looks to navigate testing economic conditions. Candidates will bring a senior background in financial services, share a commitment to responsible finance and, importantly, live or work in East London.
Candidates will be financially literate and bring a senior background in financial services. Some previous exposure to the mutual sector would be beneficial but is not required. While mindful of LCCU's role as a community organisation dedicated to poverty alleviation, applicants will be able to bring commercial nous as it looks to strengthen its financial position and bolster its reserves for the ultimate benefit of the communities it serves. They will be sympathetic to the challenges facing LCCU, and be able to guide the organisation through a period of organisational and technological transformation.
The successful candidate will share a commitment to responsible finance and, importantly, live or work in the East London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London.
You can find out more about LCCU's current Board here.
This role is unremunerated, and reasonable, pre-agreed domestic travel expenses will be reimbursed. There are two meetings a month, one Board meeting (in person on a weekday evening, lasting 1-2 hours) and one Committee meeting (a mix of remotely and in person, with the time by arrangement). The appointment is for a three-year term, which can be renewed once at the discretion of the Board.
Location
This organisation is based in East London and meetings will take place in person. Candidates will therefore either live or work in East London, specifically defined by LCCU as the seven boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London.