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1082539

registered interest
date	06/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Unions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what support his Department is providing to Credit Unions to improve their governance policies.
tabling member constituency	Glasgow East
tabling member printed	David Linden
uin	229202
answer	answer is ministerial correction date of answer 11/03/2019 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. 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.</p><p> </p><p>This Government believes improving governance in the sector is best led by the sector itself, and supports ABCUL’s work in this regard.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/03/2019 14:19:08 answering member 4051 label Biography information for John Glen
tabling member	4640 label Biography information for David Linden

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

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

1023107

registered interest
date	11/12/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Unions
house id	1
legislature	25259 pref label House of Commons
question text	What further steps he plans to take to support credit unions.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	908141
answer	answer is ministerial correction date of answer 11/12/2018 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> answering member constituency Salisbury answering member printed John Glen question first answered 11/12/2018 17:04:01 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

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