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1132422
star this property registered interest false more like this
star this property date less than 2019-06-17more like thismore than 2019-06-17
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, if he will make an assessment of the potential merits of the introduction of an automated loans and decision programme for credit unions to support the modernisation process of those unions. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 265454 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 2019-06-20more like thismore than 2019-06-20
star this property answer text <p>The Department for Work and Pensions’ Credit Union Expansion Project delivered an Automated Loans and Decision tool (ALD) which has been used by over 70 credit unions. The ALD has allowed credit unions to achieve up to 40% administrative savings on delivering loans and reduce provision for unpaid debt by over £1 million. There are also third party suppliers who offer these services on a commercial basis.</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.</p><p> </p><p>At Autumn Budget 2018 the Chancellor announced a new £2 million challenge fund to promote innovative technological solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. This will help support the continued development and modernisation of the credit union sector.</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 2019-06-20T14:11:51.823Zmore like thismore than 2019-06-20T14:11:51.823Z
star this property answering member
4051
star this property label Biography information for John Glen remove filter
star this property tabling member
1409
star this property label Biography information for Mr Gregory Campbell more like this
1125049
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 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 plans he has to support the (a) development and (b) governance of credit unions. more like this
star this property tabling member constituency Stroud more like this
star this property tabling member printed
Dr David Drew more like this
star this property uin 251214 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>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>At Autumn Budget 2018 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 the work of industry bodies 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 2019-05-13T14:36:47.197Zmore like thismore than 2019-05-13T14:36:47.197Z
star this property answering member
4051
star this property label Biography information for John Glen remove filter
star this property tabling member
252
star this property label Biography information for Dr David Drew 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 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, 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 remove filter
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 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, 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 remove filter
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 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 remove filter
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
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 remove filter
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 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 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 remove filter
star this property tabling member
4463
star this property label Biography information for Chris Stephens 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 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 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 remove filter
star this property tabling member
4640
star this property label Biography information for David Linden 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 remove filter
star this property tabling member
177
star this property label Biography information for Gareth Thomas more like this
904830
star this property registered interest false more like this
star this property date less than 2018-05-15more like thismore than 2018-05-15
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 Mr Chancellor of the Exchequer, what recent steps his Department has taken to improve and promote access to credit unions. more like this
star this property tabling member constituency Bolton North East more like this
star this property tabling member printed
Sir David Crausby more like this
star this property uin 144185 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 2018-05-23more like thismore than 2018-05-23
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. To improve access to credit unions, government has:</p><p>· In April 2018, announced increased funding for a scheme which incentivises credit union membership in areas at risk of being targeted by loan sharks. This will help vulnerable people to borrow and save with a safe and responsible financial provider, and promote credit unions as an alternative source of credit.</p><p>· At Autumn Budget 2017, announced that the credit union ‘common bond’ limit, which applies to credit unions whose membership is based around a local area, would be raised from 2 to 3 million. This change came into force in April this year, and will allow the larger credit unions to expand and help the sector to consolidate.</p><p>· In 2014, raised the statutory cap on the total interest a credit union can charge on loans from 2 to 3% per month. This has allowed credit unions to expand into new markets, and compete more effectively with other lenders.</p>
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 2018-05-23T15:36:15.173Zmore like thismore than 2018-05-23T15:36:15.173Z
star this property answering member
4051
star this property label Biography information for John Glen remove filter
star this property tabling member
437
star this property label Biography information for Sir David Crausby more like this