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1059769
star this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-02-12
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, how many credit unions have been involved in the Credit Union Expansion Project; and in which region do they operate. 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 220111 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 2019-02-18more like thismore than 2019-02-18
star this property 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> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2019-02-18T17:45:45.673Zmore like thismore than 2019-02-18T17:45:45.673Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
1409
star this property label Biography information for Mr Gregory Campbell 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
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
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
991171
star this property registered interest false more like this
star this property date less than 2018-10-19more like thismore than 2018-10-19
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 she has made of the effectiveness of the credit union expansion project. 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 181556 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 2018-10-24more like thismore than 2018-10-24
star this property answer text <p>Government is committed to facilitating sustainable financial services that give consumers greater choice in accessing credit. Credit union membership in Great Britain has increased year-on-year since 2014, rising to around 1.32 million members in 2017; this was an increase of over 150,000 individuals over the 3 year period. It is even more encouraging that credit unions are becoming more popular with junior members; in 2017 there were over 139,000 junior members of credit unions in Great Britain compared to around 128,000 in 2014.</p><p> </p><p>The Credit Union Expansion Project (CUEP) aims were for participating credit unions to modernise and grow in a financially sustainable way, over time. The contractor aimed to deliver that by enabling credit unions to access a standardised banking service.</p><p>CUEP has delivered an Automated Loans and Decision tool (ALD) used by over 70 credit unions, centralised services such as a standardised front facing website, and that 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. CUEP also 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 contributed to credit unions on the platform to increase the value of loans made.</p><p>Due to the Contractors failure to meet contractual milestones, DWP terminated the CUEP contract on 16<sup>th</sup> February 2018. Whilst the contractor has not met their contractual agreement, they have delivered a banking platform that allows credit union members to receive a range of banking services and benefit from more affordable credit. At the point the contract was terminated the platform was being used by three credit unions with a total of approximately 16.5k members allowing 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>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2018-10-24T15:11:56.777Zmore like thismore than 2018-10-24T15:11:56.777Z
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
1409
star this property label Biography information for Mr Gregory Campbell more like this
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
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 more like this
star this property tabling member
437
star this property label Biography information for Sir David Crausby 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
867104
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 plans he has to publish the accounts 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 133222 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>DWP engaged a contractor to deliver the Credit Union Expansion Project (CUEP). It is the responsibility of the contractor to include any disclosure relating to the project within their accounts.</p> more like this
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property question first answered
less than 2018-03-27T12:56:03.1Zmore like thismore than 2018-03-27T12:56:03.1Z
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