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DWP Credit Union Expansion Project Project Steering Committee Feasibility Study Report

During the past 30 years, regulators, including the Commission, have increasingly used credit ratings to help monitor the risk of investments held by regulated entities, and to provide an appropriate disclosure framework for securities of differing risks. Since 1975, the Commission has relied on ratings by market-recognized credible rating agencies for distinguishing among grades of creditworthiness in various regulations under the federal securities laws. These “nationally recognized statistical rating organizations,” or “NRSROs,” are recognized as such by Commission staff through the no-action letter process. There currently are three NRSROs – Moody’s Investors Service, Inc. (“Moody’s”), Fitch,. | DWP Credit Union Expansion Project Project Steering Committee Feasibility Study Report . Zealand wnnri . across 2 Cl J JS 1JS VAX customer si L. - ị market wiper j ta e icrnw I T members. Ị I r U sill Lzl CUI lSseryces9ST t products me lpwsec mffl.States-772 i nrdpr o financial ẵ well 3 research Britain work 31 excluded 15 order cna e 2 e __jJ lcii Ik-lal Sc osiumrnt . X tèseơ 8 r access successful reáxt ễ s c ụ 3 ID provide it example nuiTit er new 31 1 mrM o s w ằ ỉ Is given 2 intenuomM y 5 -ã 01 ũ Released May 2012 DWP Credit Union Expansion Project 1 of 36 Project Steering Committee PSC Feasibility Study Report to the Minister for Welfare Reform the Minister for Pensions and copied to the Secretary of State for Work and Pensions From Deanna Oppenheimer PSC Chair Chief Executive Barclay s UK Retail Bank Western Europe Retail Bank PSC members Lord Griffiths Paul Ruddle Hunada Nouss DWP Mark Fisher DWP Authors Colin Purtill DWP John Cray DWP Cath Mitchell DWP External Analysis Adam Swash Experian 2 of 36 Contents 1 Introduction and Terms of Reference.4 2 Executive Summary.4 3 Background - The Problems to be solved - financial exclusion and lack of access to affordable credit.8 4 Responding to the Gap.8 5 Other Options.9 6 Feasibility Study Research.9 The Market for Credit unions.9 Consumer Research.10 Credit Union Research.12 7 Financial Modelling and Sensitivity Analysis.13 The do nothing scenario.13 Estimated project costs from financial modelling.15 The impact of other factors on the credit union sector.16 Credit Union interest rates.16 Sensitivity testing of the model.18 8 The Case for investment.18 9 The way forward.21 Selecting credit unions that will perform and provide value for money 21 10 Managing highly focussed change and expansion.22 11 Recommendations.22 ANNEX A Financial Modelling and Sensitivity Analysis.24 ANNEX B Interest Rate Increase.37 3 of .