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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Mortgage Maze

A recent item in the Globe and Mail clearly itemizes the unnecessary complexity regulators have introduced into the mortgage marketplace.  The OSFI B20  guideline succeeds in making mortgage qualification, rate comparison, and prepayment penalty regimes less borrower friendly.  The new guideline may ‘protect consumers’ from themselves and protect banks from excessive risk taking.  However, we […]

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Legislative Innovation

Will BC credit unions truly get anything out of the current legislative review? The credit union conferences have passed, those who attended have been entertained with the tales of digital disruption and organizational transformation.  Many presenters championed the need to ‘think differently’, to pivot, and to look for the new opportunities. More than one McKinsey […]

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Bifurcation?!

We have two different kinds of credit unions in Canada.  This is ‘bifurcation’, as a consultant termed it. They have different profiles, different definitions of success, and different needs from second tier organizations. ‘Consolidation’ was the word that Martha Durdin, CEO of the Canadian Credit Union Association chose to feature in part of her report […]

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Reconciling Credit Unions

Canada’s credit unions endorsed key recommendations of the truth and reconciliation commission today.   At the Canadian Credit Union Association AGM a member resolution, proposed by Affinity Credit Union, was carried by a wide margin.  That was great. One issue went unexplored.  Why are there no first nations based credit unions in this room? The […]

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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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