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<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>
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