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>
The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.<\/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\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "246542"} , {"_value" : "246544"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-29T14:19:31.207Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit Unions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4463", "label" : {"_value" : "Biography information for Chris Stephens"} } , "tablingMemberConstituency" : {"_value" : "Glasgow South West"} , "tablingMemberPrinted" : [{"_value" : "Chris Stephens"} ], "uin" : "246543"} , {"_about" : "http://data.parliament.uk/resources/1122542", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1122542/answer", "answerText" : {"_value" : "
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>
The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.<\/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\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2019-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "246542"} , {"_value" : "246543"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2019-04-29T14:19:31.253Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2019-04-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit Unions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what plans he has to change credit union capital requirements to support credit unions to grow assets beyond £10 million; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4463", "label" : {"_value" : "Biography information for Chris Stephens"} } , "tablingMemberConstituency" : {"_value" : "Glasgow South West"} , "tablingMemberPrinted" : [{"_value" : "Chris Stephens"} ], "uin" : "246544"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }