The main Act of Parliament which governs how credit unions operate is the Credit Unions Act 1979.
Since July 2002 Merthyr Tydfil Borough Credit Union has been regulated by the Prudential Regulation Authority (registration number 213643), as are banks and building societies. The performance of each credit union is monitored by the Prudential Regulation Authority and The Financial Conduct Authority and senior staff and volunteers involved in the running of the Credit Union must be approved by them.
When joining the Credit Union members are asked to name a beneficiary or charity of their choice. You can name more than one and can change your beneficiary at any time by completing the Change of Details form.