HM Treasury began a consultation last year in which it sought views on raising the maximum monthly interest rate cap that credit unions can charge their members from the current two percent to three percent: see here (pdf). Yesterday the Treasury published its response to the consultation - see here (pdf) - and announced that it would go ahead with the proposed increase. Legislation is expected in the autumn.
Thursday 13 June 2013
UK: Government to raise the credit union maximum interest rate cap
HM Treasury began a consultation last year in which it sought views on raising the maximum monthly interest rate cap that credit unions can charge their members from the current two percent to three percent: see here (pdf). Yesterday the Treasury published its response to the consultation - see here (pdf) - and announced that it would go ahead with the proposed increase. Legislation is expected in the autumn.
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