CMCU is a mutual society, a savings and loans co-operative owned and controlled by its members. It was formed in collaboration by the Church of England, the Church of Scotland, the Methodist Church of Great Britain, the Church in Wales and the Scottish Episcopal Church. It is run by a small but professional staff and governed by a volunteer board, which includes accountants, clergy, former regulators and experienced businessmen and women drawn from the participating denominations. In July 2016 the Credit Union extended its common bond to include eligible members of the United Reformed Church, and in January 2017 it announced a further extension to eligible members of the Roman Catholic Church in England & Wales and in Scotland.