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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

1144472

	registered interest
	date	03/09/2019
	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, with reference to the recent talks between the Minister for Pensions and Financial Inclusion and credit unions in Northern Ireland, what lessons have been learned by his Department on the expansion of credit unions for the England, Wales and Scotland.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	286141
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>It has not proved possible to respond to the hon. Member in the time available before Prorogation.</p><p /><p /> answering member constituency Hexham answering member printed Guy Opperman question first answered 09/09/2019 16:34:17 answering member 4142 label Biography information for Guy Opperman
	tabling member	1409 label Biography information for Mr Gregory Campbell

991171

	registered interest
	date	19/10/2018
	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 she has made of the effectiveness of the credit union expansion project.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	181556
	answer	answer is ministerial correction date of answer 24/10/2018 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> answering member constituency Hexham answering member printed Guy Opperman question first answered 24/10/2018 15:11:56 answering member 4142 label Biography information for Guy Opperman
	tabling member	1409 label Biography information for Mr Gregory Campbell

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

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

1150755

	registered interest
	date	19/10/2019
	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 plans they have to review the regulations concerning credit unions.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL229
	answer	answer is ministerial correction date of answer 31/10/2019 answer text <p>In 2014, the Government undertook a call for evidence to understand the appropriate steps that could be taken to support the credit union sector. Subsequently, the maximum interest a credit union can charge on loans was raised from 2% to 3% per month, and the upper limit on the geographical common bond was raised from 2 to 3 million people.</p><p>The Government continues to be open to considering the case for further reform. ABCUL, the sector’s largest trade body, is currently carrying out a sector-wide consultation which is due to conclude later this year. HMT will consider its conclusions in the development of future credit union policy.</p><p> </p><p>At Autumn Budget 2018, the Government announced a package of measures to support credit unions, and other social and community lenders, including:</p><ul><li>A £2 million affordable credit challenge fund, harnessing the UK’s FinTech sector to address challenges faced by social and community lenders, including credit unions.</li><li>A change in the regulatory boundary of credit broking to make it easier for registered social landlords such as housing associations to refer their tenants to social and community lenders.</li><li>A prize-linked savings pilot scheme, to encourage the growth of the credit union sector and encourage consumers to build up their personal savings. This pilot launched on October 17<sup>th</sup>, International Credit Union Day, in 13 credit unions around the country, with 2 more credit unions due to join the pilot.</li><li>A feasibility study to design a pilot for a UK No-Interest Loans Scheme.</li></ul><p> </p><p>The PRA have also proposed a simplified, proportional capital requirement regime for credit unions in their recently published consultation.</p> answering member printed The Earl of Courtown question first answered 31/10/2019 13:42:28 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1177117

	registered interest
	date	07/02/2020
	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 provide to the credit union sector in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1442
	answer	answer is ministerial correction date of answer 20/02/2020 answer text <p>At Autumn Budget 2018, the Government announced a package of measures to support credit unions, and other social and community lenders, including:</p><ul><li>A £2 million affordable credit challenge fund, harnessing the UK’s FinTech sector to address challenges faced by social and community lenders, including credit unions. Six finalists were selected in October 2019, receiving initial funding of £150,000.</li><li>A change in the regulatory boundary of credit broking to make it easier for registered social landlords such as housing associations to refer their tenants to social and community lenders.</li><li>A prize-linked savings pilot scheme, to encourage the growth of the credit union sector, and encourage consumers to build up their personal savings. This pilot launched on 17 October, International Credit Union Day, in 15 credit unions across the country. Over 6,000 accounts had been opened by the end of January 2020.</li><li>A feasibility study for a UK No-Interest Loans Scheme.</li></ul><p>Regulation of the credit union sector is a matter for the Prudential Regulation Authority (PRA). The PRA concluded a consultation on a simplified, proportional capital requirement regime for credit unions on 24 January 2020.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL1443 question first answered 20/02/2020 14:09:16 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1241971

	registered interest
	date	08/10/2020
	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 assessment they have made of the resilience of the credit union sector.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL8936
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>Credit unions play a vital role in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government is committed to seeing a strong and resilient credit union sector. That is why the Chancellor announced at Budget 2020 that the Government will bring forward legislation to enable credit unions to offer a wider range of products and services.</p><p>HM Treasury officials are working closely with the Prudential Regulation Authority, Financial Conduct Authority and sector representatives to monitor the impact of the disruption caused by COVID-19 on credit unions and their members.</p><p>The Economic Secretary to the Treasury has also engaged regularly with representatives from the credit union sector through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period.</p> answering member printed Lord Agnew of Oulton question first answered 20/10/2020 10:42:31 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1309294

	registered interest
	date	15/04/2021
	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 assessment they have made of the credit union sector in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL14967
	answer	answer is ministerial correction date of answer 27/04/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>That is why at Autumn Budget 2018, the Chancellor announced a pilot of a new prize-linked savings scheme offered through credit unions. This operated with 15 credit unions and has helped support the sector through increased membership, awareness and deposits. 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. The winners of the challenge, which included Capital Credit Union and Serve and Protect Credit Union, were announced at Budget 2020.</p><p> </p><p>The Government has also regularly engaged with the credit union sector, the Financial Conduct Authority and the Prudential Regulation Authority to assess the impact of the COVID-19 pandemic. Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic.</p><p> </p><p>The Chancellor announced at Budget 2020 that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably for the future and support them in the vital role they play in financial inclusion. The Economic Secretary recently spoke at the Association of British Credit Unions Limited and National Credit Union Forum annual conferences to reaffirm the Government’s commitment to legislative change and ongoing support for the sector.</p><p> </p><p>The Government is engaging with the credit union sector and carefully assessing options before bringing forward legislation to ensure that we are delivering reforms which meet members’ needs and support the development of the credit union sector.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14968 question first answered 27/04/2021 10:49:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1309295

	registered interest
	date	15/04/2021
	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 they have to reform the law in respect of credit unions in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL14968
	answer	answer is ministerial correction date of answer 27/04/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>That is why at Autumn Budget 2018, the Chancellor announced a pilot of a new prize-linked savings scheme offered through credit unions. This operated with 15 credit unions and has helped support the sector through increased membership, awareness and deposits. 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. The winners of the challenge, which included Capital Credit Union and Serve and Protect Credit Union, were announced at Budget 2020.</p><p> </p><p>The Government has also regularly engaged with the credit union sector, the Financial Conduct Authority and the Prudential Regulation Authority to assess the impact of the COVID-19 pandemic. Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic.</p><p> </p><p>The Chancellor announced at Budget 2020 that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably for the future and support them in the vital role they play in financial inclusion. The Economic Secretary recently spoke at the Association of British Credit Unions Limited and National Credit Union Forum annual conferences to reaffirm the Government’s commitment to legislative change and ongoing support for the sector.</p><p> </p><p>The Government is engaging with the credit union sector and carefully assessing options before bringing forward legislation to ensure that we are delivering reforms which meet members’ needs and support the development of the credit union sector.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14967 question first answered 27/04/2021 10:49:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark