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...

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