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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 remove filter
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
unstar 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 remove filter
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
unstar 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
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 remove filter
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
unstar 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
847862
star this property registered interest false more like this
star this property date less than 2018-02-23more like thismore than 2018-02-23
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 2 remove filter
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 action have they taken to support credit unions in the last two years. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL5839 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-03-06more like thismore than 2018-03-06
star this property 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>
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-03-06T13:05:44.87Zmore like thismore than 2018-03-06T13:05:44.87Z
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
810007
star this property registered interest false more like this
star this property date less than 2017-12-20more like thismore than 2017-12-20
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 2 remove filter
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 assistance they have given to credit unions in the UK in the last two financial years. more like this
star this property tabling member printed
Lord Elystan-Morgan more like this
star this property uin HL4353 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-01-08more like thismore than 2018-01-08
star this property 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>
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-01-08T16:32:28.647Zmore like thismore than 2018-01-08T16:32:28.647Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2809
star this property label Biography information for Lord Elystan-Morgan more like this
780352
star this property registered interest false more like this
star this property date less than 2017-10-30more like thismore than 2017-10-30
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 2 remove filter
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 whether they have any plans to expand the scope of products that credit unions can choose to provide to their members. more like this
star this property tabling member printed
Baroness Primarolo more like this
star this property uin HL2716 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2017-11-07more like thismore than 2017-11-07
star this property 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> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2017-11-07T16:19:56.933Zmore like thismore than 2017-11-07T16:19:56.933Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
217
star this property label Biography information for Baroness Primarolo more like this
480076
star this property registered interest true more like this
star this property date less than 2016-03-17more like thismore than 2016-03-17
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 2 remove filter
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 they have to review the legislation governing credit unions. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL7178 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2016-04-01more like thismore than 2016-04-01
star this property answer text <p>On 31 December 2014, the government published a response to the Call for Evidence on Credit Unions.</p><p> </p><p>In this response the government committed to considering the potential changes to credit union legislation highlighted by the Call for Evidence over the course of this parliament.</p><p> </p> more like this
star this property answering member printed Lord O'Neill of Gatley more like this
star this property question first answered
less than 2016-04-01T12:37:33.097Zmore like thismore than 2016-04-01T12:37:33.097Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
star this property tabling member
4153
star this property label Biography information for Lord Kennedy of Southwark more like this
172711
star this property registered interest false more like this
star this property date less than 2015-01-08more like thismore than 2015-01-08
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 Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 remove filter
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 consideration they have given to changing the Common Bond of geographical credit unions from potential to actual members. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL4031 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2015-01-22more like thismore than 2015-01-22
star this property answer text <p>On 31 December 2014 the government published a response to the Call for Evidence on Credit Unions. In this response the government committed to considering potential changes to credit union legislation, including to the Common Bond, in the next parliament.</p><p> </p><p> </p><p> </p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2015-01-22T16:53:12.72Zmore like thismore than 2015-01-22T16:53:12.72Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
4153
star this property label Biography information for Lord Kennedy of Southwark more like this
58587
star this property registered interest false more like this
star this property date less than 2014-06-05more like thismore than 2014-06-05
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 2 remove filter
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 is their assessment of the progress of the Credit Union Expansion Project. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL112 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2014-06-10more like thismore than 2014-06-10
star this property answer text <p /> <p>The DWP Credit Union Expansion Project contract began in May 2013. Around 80 credit unions are currently participating in the project. ABCUL has started delivering the Automated Loan and decision tool to participating credit unions and feedback is that the tool is ensuring loan decisions are faster, consistent and more efficient to deliver. Procurement of an IT banking platform is also being progressed but much remains to be done particularly on achieving sufficient growth for Credit Unions, and DWP continue to support and monitor the project closely</p> more like this
star this property answering member printed Lord Freud more like this
star this property question first answered
less than 2014-06-10T13:43:31.3329413Zmore like thismore than 2014-06-10T13:43:31.3329413Z
star this property answering member
3893
star this property label Biography information for Lord Freud more like this
star this property tabling member
4153
star this property label Biography information for Lord Kennedy of Southwark more like this