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923130
star this property registered interest false more like this
star this property date less than 2018-06-13more like thismore than 2018-06-13
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans, if any, they have to review the legislation covering credit unions. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL8594 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-06-27more like thismore than 2018-06-27
star this property answer text <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.</p><p> </p><p>Government engages closely with representatives of the credit union sector throughout the UK to understand how credit unions may best be supported. This includes speaking to Northern Ireland specific trade bodies and maintaining an ongoing relationship with the devolved Department for Economy in Northern Ireland to understand any issues specific to Northern Ireland’s credit union sector.</p><p>Government’s engagement with the credit union sector includes ongoing consideration of its legislative framework. For example, in 2014 Government conducted a Call for Evidence (‘British Credit Unions at 50’) on credit unions. Several respondents asked for changes to the legislation governing credit unions, and in its response, Government committed to actively consider legislative changes in the next Parliament. At Autumn Budget 2017, Government committed to raising the geographical common bond limit for credit unions from 2 to 3 million. This change came into effect in April 2018.</p><p>All changes to credit union legislation must be considered alongside the need to maintain an appropriate regulatory regime for credit unions. A looser legislative framework would likely require increased regulation which might be inappropriate for small, community based institutions.</p>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN HL8595 more like this
star this property question first answered
less than 2018-06-27T14:03:17.73Zmore like thismore than 2018-06-27T14:03:17.73Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4153
star this property label Biography information for Lord Kennedy of Southwark more like this
1125162
star this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, what discussions he has had with the Prudential Regulation Authority on changing capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 251439 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 251440 more like this
star this property question first answered
less than 2019-05-13T14:26:34.347Zmore like thismore than 2019-05-13T14:26:34.347Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1125163
star this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, whether it is his Department's policy to support the Prudential Regulation Authority on decisions to change the capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 251440 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 251439 more like this
star this property question first answered
less than 2019-05-13T14:26:34.287Zmore like thismore than 2019-05-13T14:26:34.287Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1122539
star this property registered interest false more like this
star this property date less than 2019-04-23more like thismore than 2019-04-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the effect of discontinuities in credit union capital requirements on credit unions' capacity to grow assets beyond £10 million; and if he will make a statement. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 246542 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-04-29more like thismore than 2019-04-29
star this property answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. 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.</p><p> </p><p>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>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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
246543 more like this
246544 more like this
star this property question first answered
less than 2019-04-29T14:19:31.16Zmore like thismore than 2019-04-29T14:19:31.16Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1122540
star this property registered interest false more like this
star this property date less than 2019-04-23more like thismore than 2019-04-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 246543 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-04-29more like thismore than 2019-04-29
star this property answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. 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.</p><p> </p><p>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>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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
246542 more like this
246544 more like this
star this property question first answered
less than 2019-04-29T14:19:31.207Zmore like thismore than 2019-04-29T14:19:31.207Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1122542
star this property registered interest false more like this
star this property date less than 2019-04-23more like thismore than 2019-04-23
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what plans he has to change credit union capital requirements to support credit unions to grow assets beyond £10 million; and if he will make a statement. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 246544 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-04-29more like thismore than 2019-04-29
star this property answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. 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.</p><p> </p><p>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>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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
246542 more like this
246543 more like this
star this property question first answered
less than 2019-04-29T14:19:31.253Zmore like thismore than 2019-04-29T14:19:31.253Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
star this property label Biography information for Chris Stephens more like this
1023107
star this property registered interest false more like this
star this property date less than 2018-12-11more like thismore than 2018-12-11
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text What further steps he plans to take to support credit unions. more like this
star this property tabling member constituency Harrow West more like this
star this property tabling member printed
Gareth Thomas more like this
star this property uin 908141 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-11more like thismore than 2018-12-11
star this property answer text <p>The government remains committed to supporting credit unions, which provide vital services to local communities.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a package of measures to support the social and community lending sector, including credit unions.</p><p> </p><p>This includes a prize-linked savings scheme for credit unions, simplifying regulation to make it easier for Registered Social Landlords to refer to credit unions, and a challenge fund to create technological solutions for credit unions and Community Development Finance Institutions.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2018-12-11T17:04:01.087Zmore like thismore than 2018-12-11T17:04:01.087Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
177
star this property label Biography information for Gareth Thomas more like this
1036905
star this property registered interest false more like this
star this property date less than 2019-01-07more like thismore than 2019-01-07
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what steps they are taking to support and enable the growth of credit unions. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL12547 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-01-21more like thismore than 2019-01-21
star this property answer text <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.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.</p><p> </p><p>The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. This follows the success of last year’s Rent Recognition Challenge, where UK Fintechs were invited to develop digital solutions for incorporating rental data into credit scores.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-01-21T15:38:44.68Zmore like thismore than 2019-01-21T15:38:44.68Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1047834
star this property registered interest false more like this
star this property date less than 2019-01-24more like thismore than 2019-01-24
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what support they give to credit unions. more like this
star this property tabling member printed
Baroness Kennedy of Cradley more like this
star this property uin HL13112 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-02-06more like thismore than 2019-02-06
star this property answer text <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.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.</p><p> </p>The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. This follows the success of last year’s Rent Recognition Challenge, where Government backing has supported UK Fintechs to successfully develop and roll out digital solutions for incorporating rental data into credit scores. more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-02-06T12:52:02.683Zmore like thismore than 2019-02-06T12:52:02.683Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4303
star this property label Biography information for Baroness Kennedy of Cradley more like this
1082539
star this property registered interest false more like this
star this property date less than 2019-03-06more like thismore than 2019-03-06
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what support his Department is providing to Credit Unions to improve their governance policies. more like this
star this property tabling member constituency Glasgow East more like this
star this property tabling member printed
David Linden more like this
star this property uin 229202 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-03-11more like thismore than 2019-03-11
star this property answer text <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.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks. The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions.</p><p> </p><p>This Government believes improving governance in the sector is best led by the sector itself, and supports ABCUL’s work in this regard.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-03-11T14:19:08.927Zmore like thismore than 2019-03-11T14:19:08.927Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4640
star this property label Biography information for David Linden more like this