BoE Floats Capital Requirement Cuts For Credit Unions

Law360, London (October 25, 2019, 5:22 PM BST) -- The U.K.’s banking watchdog has proposed plans to cut back capital requirements for credit unions by a quarter, in a bid to stave off failures of small lenders.

Sam Woods, deputy governor for the Bank of England's Prudential Regulation Authority, used a speech in London to announce a consultation with the industry into the current capital regime for credit unions.

Nine credit unions collapsed in the U.K. in 2018, and two — Solent Community Bank on the south coast and Waltham Forest Community Credit Union in London — have ceased trading in the past two months.

“The effect of these changes should...

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