The pros and cons of community banks
Community banks or credit unions are often an alternative to mainstream commercial banks, such as Barclays, HSBC or Lloyds. Unlike commercial banks, community banks are owned and controlled by their depositors, typically referred to as members.1
The number of credit unions has declined over the past decade. There were 366 credit unions in July 2025, a 30 percent decrease compared with 2014. However, the number of credit union members increased by a third between 2014 and 2024, as the credit unions that have survived have increased their membership.2
Tomorrow, the London Assembly Economy, Culture and Skills Committee will meet with guests to understand the role community banks in London currently play in London’s economy and their overall importance. The Committee will also evaluate the merits of community banks in comparison to traditional commercial banks.
The guests are:
- Ravi Ravindran, Chief Executive, Lewisham and Bromley Credit Union
- Matt Bland, Chief Executive, Association of British Credit Unions (ABCUL)
- Ben West, Head of Business Development, London Mutual Credit Union
- Dr Paul A. Jones, Associate Professor in the Social Economy, Liverpool John Moores University
The meeting will take place on Wednesday 4 February from 10am in Committee Rooms 2&3 at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- Derbyshire County Council, Community banks and access to credit [accessed 3 December 2025)
- House of Commons Library, Credit Unions, 12 November 2025 (pp.10-11)
- Hina Bokhari OBE AM, Chair of the Economy, Culture and Skills Committee, is available for interview.
- Find out more about the work of the Economy, Culture and Skills Committee.
- Read the agenda in full.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07763 251727 or [email protected]. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.