Bank of England eases rules for credit unions during pandemic

LONDON (Reuters) - The Bank of England has allowed credit unions to set aside less capital to cover borrowers unable to repay loans during the coronavirus crisis.Where a loan is more than three months in arrears, a credit union can provision for 20% of the loan with immediate effect until January, compared with 35% under current rules."We recognise that credit unions across the UK are facing a period of unprecedented operational and financial challenges," the BoE's Prudential Regulation..