UK Regulator Extends Crisis Rules For Credit Unions

Law360, London (October 8, 2020, 5:32 PM BST) -- The Prudential Regulatory Authority has extended the period allowing credit unions to have lower provisions for bad debts than usual, saying it recognizes the challenge they face because of the COVID-19 pandemic.

Credit unions will now be able to allow for lower rates of bad debts up until Dec. 31, 2022, the PRA said in a letter to directors of the businesses dated Oct. 7. This follows on the PRA's April 8 letter to the directors in which it said they would have this provision until Jan. 1, 2021.

"We have taken this decision due to the ongoing stress CUs face...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!