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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

1036905

	registered interest
	date	07/01/2019
	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 steps they are taking to support and enable the growth of credit unions.
	tabling member printed	Lord Myners
	uin	HL12547
	answer	answer is ministerial correction date of answer 21/01/2019 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><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> answering member printed Lord Bates question first answered 21/01/2019 15:38:44 answering member 1091 label Biography information for Lord Bates
	tabling member	3869 label Biography information for Lord Myners

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

847862

	registered interest
	date	23/02/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what action have they taken to support credit unions in the last two years.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL5839
	answer	answer is ministerial correction date of answer 06/03/2018 answer text <p>The government is 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. Over the last two financial years, the government has done this by:</p><p> </p><ul><li><p>Announcing at Autumn Budget 2017, that where a credit union’s membership conditions are based on locality, a credit union will be able to increase the number of potential members it can have to from 2 to 3 million. The legislation to make this change was laid in November 2017 and comes into force in April 2018.</p></li><li><p>Announcing at Autumn Statement 2016 that, from 2018, an existing scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks, will be expanded. This uses funds recovered under the Proceeds of Crime Act from convicted loan sharks.</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving. Lifesavers works with local credit unions to help run savings clubs with schoolchildren, and is currently being piloted in six primary schools.</p></li><li><p>Providing funding for the Credit Union Expansion Project, delivered by the Association of British Credit Unions Ltd, with an aim to modernise and grow the sector. Over the past year, credit unions with a total membership of 16,500 have begun using an online banking platform provided by this project.</p></li></ul> answering member printed Lord Bates question first answered 06/03/2018 13:05:44 answering member 1091 label Biography information for Lord Bates
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

810007

	registered interest
	date	20/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assistance they have given to credit unions in the UK in the last two financial years.
	tabling member printed	Lord Elystan-Morgan
	uin	HL4353
	answer	answer is ministerial correction date of answer 08/01/2018 answer text <p>The government is 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. Over the last two financial years, the government has done this by:</p><p> </p><ul><li><p>Announcing at Autumn Budget 2017, that where a credit union’s membership conditions are based on locality, a credit union will be able to increase the number of potential members it can have to from 2 to 3 million. The legislation to make this change was laid in November 2017 and comes into force in April 2018.</p></li><li><p>Announcing at Autumn Statement 2016 that, from 2018, an existing scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks, will be expanded. This uses funds recovered under the Proceeds of Crime Act from convicted loan sharks.</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving. Lifesavers works with local credit unions to help run savings clubs with schoolchildren, and is currently being piloted in six primary schools.</p></li><li><p>Providing funding for the Credit Union Expansion Project, delivered by the Association of British Credit Unions Ltd. In 2017, three credit unions with a total membership of 16,500 began using an online banking platform provided by this project.</p></li></ul> answering member printed Lord Bates question first answered 08/01/2018 16:32:28 answering member 1091 label Biography information for Lord Bates
	tabling member	2809 label Biography information for Lord Elystan-Morgan

780352

	registered interest
	date	30/10/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they have any plans to expand the scope of products that credit unions can choose to provide to their members.
	tabling member printed	Baroness Primarolo
	uin	HL2716
	answer	answer is ministerial correction date of answer 07/11/2017 answer text <p>The Government is committed to building an economy that works for everyone and credit unions play a key role in this by offering affordable, responsible credit to some communities.</p><p> </p><p>In response to the Government’s 2014 Call for Evidence on the future of credit unions, the Government committed to consider potential legislative changes in the previous Parliament that would help the sector grow and thrive.</p><p>However, it is important to consider any changes carefully to avoid unintended consequences, such as bringing smaller credit unions into regulation that might not be proportionate.</p><p>The Government remains committed to supporting the sector and will continue to work with interested stakeholders to achieve this. The government is also keen for the sector to look for further opportunities to grow within the existing regulatory framework by exploring opportunities for collaboration within the sector.</p> answering member printed Lord Bates question first answered 07/11/2017 16:19:56 answering member 1091 label Biography information for Lord Bates
	tabling member	217 label Biography information for Baroness Primarolo