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<p>Capital requirements for credit unions are set by the Prudential Regulation Authority
(PRA), in line with their mandate to promote the safety and soundness of firms. The
PRA is independent from government and is responsible for ensuring the credit union
sector is effectively regulated and financially stable.</p><p> </p><p>I have regular
meetings with the PRA to discuss a range of ongoing policy issues, including in relation
to credit unions.</p><p> </p><p>The government remains committed to supporting credit
unions, which provide vital services to financially under-served communities and contribute
to the diversity of the UK’s financial services sector. Credit union membership and
assets continue to grow, with membership passing 2 million for the first time in 2018
and total assets growing to over £3.3 billion.</p>
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