New Government Proposals

Today the BC Ministry of Finance issued its consultation paper on changes to the Financial Institutions Act and the Credit Union Incorporation Act.  The first 43 of the 68 recommendations relate to general issues and credit unions; the remainder being related to insurance and trusts. As a package, the government has responded well to BC […]

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What is the Difference?

The National Credit Union conference next week has been pitched as exploring the credit union ‘difference’.  It is common to hear the CCUA and some other advocates for credit unions make a general reference to the ‘difference’.  The CCUA home page includes this text: Credit unions are full service financial co-operatives. Like other financial institutions, […]

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Trust and conflicts of interest at Banks

The Financial Consumer Agency of Canada said consumers are being ripped off, when it issued its report on bank sales practices in March.  The  report got far too little attention.  In technocratic language it confirmed that virtually all of Canada’s banks pursue their own interests – not the interests of ordinary people. The primary finding […]

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Court Action Challenges Coast Capital Decision

A member of Coast Capital Savings is seeking a BC Supreme Court judicial review of Coast’s application to become a bank, specifically the provincial regulatory approval.  Coast is pursuing plans to convert to a ‘federal credit union’ under the Bank Act (Canada), which is defined as a bank that is cooperatively owned.  But to do […]

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Consolidation Threat

I had an OpEd published Thursday in the Vancouver Sun.  On the occasion of International Credit Union Day, it speaks to the declining number of traditional credit unions in BC. I reproduce the text here for those who may have missed it. ——————————————————————————————————————————- On International Credit Union Day, it’s worth remembering a few things about […]

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Credit Unions are Revolutionary

As this is International Credit Union Day it may be the right time to speak up about the roots of our credit unions, and the ‘revolutionary’ role they play in the larger political economy.  This is most evident in developing countries, such as Ghana, where one of our staff at CCEC recently visited.  But it […]

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OSFI puts it to Provinces?

The recently announced B-20 Guideline from the Office of the Superintendent of Financial Institutions (OSFI) places new income qualifications on borrowers when obtaining a conventional mortgage at federally-regulated financial institutions (FRFI), mostly banks.  Borrowers will have to prove they can afford a loan at @200bp above the quoted rate. The tougher debt servicing test is […]

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Fair Taxes

The recent proposals from the federal government to reduce certain tax advantages available to small business has met strident resistance from those who may have to pay more tax, and from others who just want to slag the Minister.  The Minister has argued that the special provisions give too many benefits to the very wealthy. […]

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Commercial Loans & Economic Development

For several months Central 1 has sought a concession from the BC government on the capital required for a commercial loan portfolio if the portfolio exceeds 30% of a credit union’s total assets.  Currently, under the Capital Requirements Regulation, if the level of commercial lending breaches that threshold the excess amount requires twice the capital […]

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