The Bank of England has published its quarterly statistics on the credit union sector, showing that the UK's credit unions continue to grow modestly and to serve a population that is underserved by mainstream financial services.
The data show that total credit union assets increased slightly during the quarter, to approximately £5.2 billion, and that membership grew by approximately 2 percent. Credit unions now serve approximately 2.3 million people across the United Kingdom, providing savings accounts, affordable loans and basic financial services to communities that are often poorly served by high-street banks.
The Bank said the data demonstrated the important role that credit unions play in promoting financial inclusion and that the regulatory framework for the sector needed to support its continued development while ensuring that members' savings were protected. The Bank has been working with the credit union sector to reduce the regulatory burden on smaller credit unions while maintaining the standards of safety and soundness that are essential to public confidence.
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