This latest effort by the government in this area follows the earmarking of a fund of GBP38m for the Department of Work and Pensions' Credit Union Expansion Project
; modernisation of existing legislation governing credit unions; and legislation requiring the Financial Conduct Authority to impose a cap on the total cost of payday loans.
Known as the Credit Union Expansion Project
, the new contract will see credit unions transform their offering by introducing such services as current accounts, budgeting accounts and cash ISAs.
The Credit Union Expansion Project
will benefit greatly from the secondment of Lloyds' experts and the expansion of the signposting scheme should help many more people access appropriate services from their local credit union."