Credit Unions: Coronavirus

Treasury written question – answered on 28th April 2020.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, what discussions he has had with representatives of the credit union sector on the challenges for the sector during the covid-19 outbreak; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

I am aware of the vital role that credit unions play in supporting the financial wellbeing of their communities as sources of affordable credit. On Tuesday 21 April I wrote to credit union trade bodies to thank frontline credit union staff for their efforts to continue to provide essential services to their members.

I am engaging 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, including credit union members, through this period. HMT officials are also 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.

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.

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