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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 more like this
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
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 more like this
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 more like this
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
remove maximum value filtermore 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
57952
star this property registered interest false more like this
star this property date less than 2014-06-04more like thismore than 2014-06-04
star this property answering body
HM Treasury more like this
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 CaTreasury 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 Mr Chancellor of the Exchequer, what estimate he has made of (a) the number of members of credit unions and (b) their total savings in each (i) region of the UK and (ii) London borough in (A) 2010-11, (B) 2011-12, (C) 2012-13 and (D) 2013-14; and if he will make a statement. more like this
star this property tabling member constituency Harrow West more like this
star this property tabling member printed
Mr Gareth Thomas more like this
star this property uin 199108 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 2014-06-11more like thismore than 2014-06-11
star this property answer text <p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN
199109 more like this
199110 more like this
star this property question first answered
less than 2014-06-11T15:41:54.7225924Zmore like thismore than 2014-06-11T15:41:54.7225924Z
star this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
177
star this property label Biography information for Gareth Thomas more like this
57953
star this property registered interest false more like this
star this property date less than 2014-06-04more like thismore than 2014-06-04
star this property answering body
HM Treasury more like this
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 CaTreasury 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 Mr Chancellor of the Exchequer, how many people were members of a credit union in each (a) region of England and (b) each borough of London in (i) 2011-12, (ii) 2012-13 and (iii) 2013-14; and if he will make a statement. more like this
star this property tabling member constituency Harrow West more like this
star this property tabling member printed
Mr Gareth Thomas more like this
star this property uin 199109 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 2014-06-11more like thismore than 2014-06-11
star this property answer text <p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p> more like this
star this property answering member constituency South Northamptonshire more like this
star this property answering member printed Andrea Leadsom more like this
star this property grouped question UIN
199108 more like this
199110 more like this
star this property question first answered
less than 2014-06-11T15:41:55.0515963Zmore like thismore than 2014-06-11T15:41:55.0515963Z
star this property answering member
4117
star this property label Biography information for Andrea Leadsom more like this
star this property tabling member
177
star this property label Biography information for Gareth Thomas more like this
867103
star this property registered interest false more like this
star this property date less than 2018-03-19more like thismore than 2018-03-19
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions 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 Secretary of State for Work and Pensions, what assessment he has made of the outcome of the Credit Union Expansion Project. more like this
star this property tabling member constituency Brentford and Isleworth more like this
star this property tabling member printed
Ruth Cadbury more like this
star this property uin 133221 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 2018-03-27more like thismore than 2018-03-27
star this property answer text <p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these members to benefit from 24 hour online access to their accounts, and receive faster payments on a loan on the same day, usually within 4 hours.</p><p> </p><p>CUEP led to a number of credit unions to merge, and others to work together to develop standardised products and deliver local marketing campaigns to increase membership. CUEP also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property grouped question UIN 133223 more like this
star this property question first answered
less than 2018-03-27T12:48:52.873Zmore like thismore than 2018-03-27T12:48:52.873Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4389
star this property label Biography information for Ruth Cadbury more like this
867105
star this property registered interest false more like this
star this property date less than 2018-03-19more like thismore than 2018-03-19
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
unstar this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions 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 Secretary of State for Work and Pensions, what effect the Credit Union Expansion Project had on access to finance for people who are financially excluded. more like this
star this property tabling member constituency Brentford and Isleworth more like this
star this property tabling member printed
Ruth Cadbury more like this
star this property uin 133223 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 2018-03-27more like thismore than 2018-03-27
star this property answer text <p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these members to benefit from 24 hour online access to their accounts, and receive faster payments on a loan on the same day, usually within 4 hours.</p><p> </p><p>CUEP led to a number of credit unions to merge, and others to work together to develop standardised products and deliver local marketing campaigns to increase membership. CUEP also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property grouped question UIN 133221 more like this
star this property question first answered
less than 2018-03-27T12:48:52.937Zmore like thismore than 2018-03-27T12:48:52.937Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4389
star this property label Biography information for Ruth Cadbury 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 more like this
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 more like this
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 more like this
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