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923130

	registered interest
	date	13/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans, if any, they have to review the legislation covering credit unions.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL8594
	answer	answer is ministerial correction date of answer 27/06/2018 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> answering member printed Lord Bates grouped question UIN HL8595 question first answered 27/06/2018 14:03:17 answering member 1091 label Biography information for Lord Bates
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1122539

	registered interest
	date	23/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Glasgow South West
	tabling member printed	Chris Stephens
	uin	246542
	answer	answer is ministerial correction date of answer 29/04/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 246543 246544 question first answered 29/04/2019 14:19:31 answering member 4051 label Biography information for John Glen
	tabling member	4463 label Biography information for Chris Stephens

1122540

	registered interest
	date	23/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Glasgow South West
	tabling member printed	Chris Stephens
	uin	246543
	answer	answer is ministerial correction date of answer 29/04/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 246542 246544 question first answered 29/04/2019 14:19:31 answering member 4051 label Biography information for John Glen
	tabling member	4463 label Biography information for Chris Stephens

57952

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Harrow West
	tabling member printed	Mr Gareth Thomas
	uin	199108
	answer	answer is ministerial correction date of answer 11/06/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 199109 199110 question first answered 11/06/2014 15:41:54 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	177 label Biography information for Gareth Thomas

57953

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Harrow West
	tabling member printed	Mr Gareth Thomas
	uin	199109
	answer	answer is ministerial correction date of answer 11/06/2014 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> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 199108 199110 question first answered 11/06/2014 15:41:55 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	177 label Biography information for Gareth Thomas

867103

	registered interest
	date	19/03/2018
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Brentford and Isleworth
	tabling member printed	Ruth Cadbury
	uin	133221
	answer	answer is ministerial correction date of answer 27/03/2018 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> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 133223 question first answered 27/03/2018 12:48:52 answering member 4142 label Biography information for Guy Opperman
	tabling member	4389 label Biography information for Ruth Cadbury

867105

	registered interest
	date	19/03/2018
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Brentford and Isleworth
	tabling member printed	Ruth Cadbury
	uin	133223
	answer	answer is ministerial correction date of answer 27/03/2018 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> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 133221 question first answered 27/03/2018 12:48:52 answering member 4142 label Biography information for Guy Opperman
	tabling member	4389 label Biography information for Ruth Cadbury

1082539

	registered interest
	date	06/03/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what support his Department is providing to Credit Unions to improve their governance policies.
	tabling member constituency	Glasgow East
	tabling member printed	David Linden
	uin	229202
	answer	answer is ministerial correction date of answer 11/03/2019 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> answering member constituency Salisbury answering member printed John Glen question first answered 11/03/2019 14:19:08 answering member 4051 label Biography information for John Glen
	tabling member	4640 label Biography information for David Linden

1059769

	registered interest
	date	12/02/2019
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, how many credit unions have been involved in the Credit Union Expansion Project; and in which region do they operate.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	220111
	answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>Over 70 Credit Unions benefited from the Credit Union Expansion Project with products such as an Automated Lending and Decision System. These credit unions operated across England, Wales and Scotland. The Credit Union Expansion Project did not include credit unions in Northern Ireland as the aim of the project was to drive up membership of GB credit unions from a very low base. Across GB less than 1% of the population were members of a credit union at the outset of the project. The situation in Northern Ireland is different with over 26% of the population being members of credit unions. The Minister for Pensions and Financial Inclusion met with representatives of Northern Ireland credit unions on the 20 July 2018 in Belfast.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 18/02/2019 17:45:45 answering member 4142 label Biography information for Guy Opperman
	tabling member	1409 label Biography information for Mr Gregory Campbell

1047834

	registered interest
	date	24/01/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what support they give to credit unions.
	tabling member printed	Baroness Kennedy of Cradley
	uin	HL13112
	answer	answer is ministerial correction date of answer 06/02/2019 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. answering member printed Lord Bates question first answered 06/02/2019 12:52:02 answering member 1091 label Biography information for Lord Bates
	tabling member	4303 label Biography information for Baroness Kennedy of Cradley