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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

57952

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of (a) the number of members of credit unions and (b) their total savings in each (i) region of the UK and (ii) London borough in (A) 2010-11, (B) 2011-12, (C) 2012-13 and (D) 2013-14; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Mr Gareth Thomas
	uin	199108
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 199109 199110 question first answered 11/06/2014 15:41:54 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	177 label Biography information for Gareth Thomas

57953

	registered interest
	date	04/06/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many people were members of a credit union in each (a) region of England and (b) each borough of London in (i) 2011-12, (ii) 2012-13 and (iii) 2013-14; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Mr Gareth Thomas
	uin	199109
	answer	answer is ministerial correction date of answer 11/06/2014 answer text <p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 199108 199110 question first answered 11/06/2014 15:41:55 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	177 label Biography information for Gareth Thomas

867103

	registered interest
	date	19/03/2018
	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 he has made of the outcome of the Credit Union Expansion Project.
	tabling member constituency	Brentford and Isleworth
	tabling member printed	Ruth Cadbury
	uin	133221
	answer	answer is ministerial correction date of answer 27/03/2018 answer text <p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these 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><p> </p><p>CUEP 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 also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 133223 question first answered 27/03/2018 12:48:52 answering member 4142 label Biography information for Guy Opperman
	tabling member	4389 label Biography information for Ruth Cadbury

867105

	registered interest
	date	19/03/2018
	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 effect the Credit Union Expansion Project had on access to finance for people who are financially excluded.
	tabling member constituency	Brentford and Isleworth
	tabling member printed	Ruth Cadbury
	uin	133223
	answer	answer is ministerial correction date of answer 27/03/2018 answer text <p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these 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><p> </p><p>CUEP 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 also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p> answering member constituency Hexham answering member printed Guy Opperman grouped question UIN 133221 question first answered 27/03/2018 12:48:52 answering member 4142 label Biography information for Guy Opperman
	tabling member	4389 label Biography information for Ruth Cadbury

147447

	registered interest
	date	10/11/2014
	answering body	HM 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 Mr Chancellor of the Exchequer, if he will take steps to encourage saving through credit unions as a means of preventing poverty and payday loans.
	tabling member constituency	Belfast North
	tabling member printed	Mr Nigel Dodds
	uin	214140
	answer	answer is ministerial correction date of answer 20/11/2014 answer text <p>The Government is supportive of credit unions and has taken a number of steps to assist them, most recently including:</p><p> </p><ul><li><p>Investing up to £38 million in an expansion project for credit unions, aimed at helping credit unions expand and grow sustainably</p></li></ul><p> </p><ul><li>Issuing a Call for Evidence on credit unions, to which the Government will respond shortly.</li><li>Removing unnecessary restrictions on credit unions via the Legislative Reform Order that came into effect in January 2012.</li><li>These measures will help increase the capability of the credit union sector allowing it to become a viable option for financial services provision for an even wider range of consumers.</li></ul><p> </p><p> </p><p> </p><p>The Government is concerned about consumer detriment in the payday market and believes the FCA’s new, more robust regulatory system will help to improve protections for consumers who still choose to use pay day lenders.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 20/11/2014 17:49:06 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	1388 label Biography information for Lord Dodds of Duncairn

172711

	registered interest
	date	08/01/2015
	answering body	HM 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 consideration they have given to changing the Common Bond of geographical credit unions from potential to actual members.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL4031
	answer	answer is ministerial correction date of answer 22/01/2015 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> answering member printed Lord Deighton question first answered 22/01/2015 16:53:12 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

420943

	registered interest
	date	13/10/2015
	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 has been made of the effectiveness of the Government's credit union expansion programme; and what assessment he has made of the feasibility of extending that programme.
	tabling member constituency	Worcester
	tabling member printed	Mr Robin Walker
	uin	11604
	answer	answer is ministerial correction date of answer 19/10/2015 answer text <p>DWP’s contract with the Association of British Credit Unions Ltd to deliver the Credit Union Expansion Project began in May 2013. It <del class="ministerial">was</del><ins class="ministerial">is</ins> due to end in April 201<del class="ministerial">5</del><strong><ins class="ministerial">6</ins></strong> but we are currently considering a request for a<ins class="ministerial">n</ins> <del class="ministerial">further</del> extension. The Department has plans to review effectiveness at the end of the Project.</p><br /> answering member constituency North Swindon answering member printed Justin Tomlinson question first answered 19/10/2015 13:14:22 question first ministerially corrected 21/10/2015 16:31:59 answering member 4105 label Biography information for Justin Tomlinson previous answer version 24060 answering member constituency North Swindon answering member printed Justin Tomlinson answering member 4105 label Biography information for Justin Tomlinson
	tabling member	4091 label Biography information for Mr Robin Walker

424865

	registered interest
	date	29/10/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps the Government is taking encourage the Prudential Regulation Authority to assist credit unions in expanding the services they offer to their members; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	14104
	answer	answer is ministerial correction date of answer 04/11/2015 answer text <p>The Prudential Regulation Authority (PRA) is responsible for the prudential regulation and supervision of credit unions. It has a general objective to promote the safety and soundness of the firms it regulates and a secondary objective to facilitate effective competition.</p><br /><p>The PRA is an independent non-governmental body and, although the Treasury sets the legal framework for all regulation, it has strictly limited powers in relation to the regulators. However, last year the Government asked the PRA to use the evidence gathered from the Government’s Call for Evidence on Credit Unions to inform their 2015 review of the Credit Union Sourcebook (CREDS).</p><br /><p>The PRA have confirmed that they have taken into account the feedback received by HM Treasury in response to the Call for Evidence when formulating suggested reforms to CREDS.</p><br /><p>The PRA’s reforms seek to establish a more risk-based and flexible framework for credit union regulation, which imposes higher expectations for more sophisticated activity. The PRA recognises the unique structure and important role credit unions play in their local communities and is proposing to reform the rules to better reflect their evolving but distinctive business model.</p><br /><p>The PRA are looking to adjust the regulation so that rules around investments, capital levels and reporting requirements will be determined by looking at the risk profile and business model of the credit union. Existing rigid restrictions will be removed, giving credit union boards more freedom to decide how their businesses are to be run.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 04/11/2015 12:57:34 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	177 label Biography information for Gareth Thomas

443171

	registered interest
	date	07/01/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many credit unions were subject to intervention by the Financial Services Compensation Scheme in 2014 and 2015.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	21538
	answer	answer is ministerial correction date of answer 12/01/2016 answer text <p>The Financial Services Compensation Scheme regularly publishes details of the interventions it has undertaken to protect depositors. The Scheme announced that it had protected the savings of members in five credit unions which entered default in 2014; and six in 2015.</p><br /> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 12/01/2016 15:20:34 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1409 label Biography information for Mr Gregory Campbell