![]() Lord Kennedy shared with the House of Lords his pride in being a non-executive director of London Mutual Credit Union which is one of the largest credit unions in London. Lord Kennedy expressed his passion for the Bill which looks to reform and develop the sector’s legislative framework and to protect the right of mutual organisations to opt into a restriction on the use of assets. Lord Kennedy of Southwark Praises Credit Unions in Second Reading of Co-operatives, Mutuals and Friendly Societies BillĢ4 March 2023: In the second reading of the Co-operatives, Mutuals and Friendly Societies Bill, Lord Kennedy of Southwark showed himself as a strong supporter of the British credit union movement. Griffith stated that amending legislation through the Financial Services and Markets Bill -allowing credit unions to offer a wider range of products and services- will ensure the legislative framework is a modern and supportive business environment. In his response, Griffith highlighted the importance of the mutuals sector and used the opportunity to reiterate the Government’s support for credit unions through legislative change. Griffith Highlights Government Support of Credit Unions Through Legislative ReformĢ5 th May 2023: Jonathan Reynolds MP asked the Economic Secretary to the Treasury – Andrew Griffith- how many officials in his department work on policies relating to mutual societies. Beth Winter MP stated that the co-operation between these various bodies have supported Smart Money Cymru Community Bank to enable local people to access credit. The MP for Cynon Valley acknowledged the strong support co-operatives receive from the Welsh Government and local councils. Beth Winter MP demonstrated the effective partnerships between co-operatives and local authorities in relation to Smart Money Cymru Community Bank. The Labour MP expressed pride in Cardiff and Vale Credit Union - of which she is a member - and congratulated them for serving the community, especially at Christmas time.Ĭredit Unions in Wales Recognised for Supporting the CommunityĢ0 June 2023 :In a Westminster Hall discussion about local authority support with co-operatives and alternative businesses, the role of credit unions in the community was mentioned. Furthermore, she highlighted the importance of credit unions as more than 35 per cent of credit union borrowers are lone parents with dependent children so the trustworthy and ethical services of credit unions are invaluable. Jane Hutt MP mentioned that the loan expansion scheme has provided 10 credit unions with a total of £1.2 million which helps people with poor credit history to access affordable credit. Jane Hutt MP urged the Conservative Minister and any other Members to visit credit unions in Wales to see how credit unions are helping families tackle the rising cost of living. Labour MP Jane Hutt highlighted the Senedd’s close working partnership with credit unions to provide ethical loans and savings, delivered through 13 projects. ![]() All Party Group on Credit Unions in Westminster Cross Party Group in the Scottish ParliamentĬredit Unions Supporting Families Discussed in the SeneddĢ1 June 2023 :Conservative MP Joel James asked a thought-provoking question in the Senedd, seeking to explore how credit unions in Wales are supporting families. Click the date of each entry to read the parliamentary debate. Most credit unions are fortunate to receive valuable support from local politicians, including MPs, Members of the Scottish Parliament, and Welsh Assembly. There is widespread recognition of the benefits credit unions can bring to individuals and communities.
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