Divided Allegiance (CCUA)

The Canadian Credit Union Association (CCUA) is conflicted. It says that it champions the successful future of (a) provincial credit unions and (b) federal credit unions, but it is not that simple. Unfortunately, a federal credit union growth strategy is based upon cannibalising the provincial credit union systems. In this last year the CCUA assumed […]

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Ownership Lost

On paper, credit unions are ‘consumer owned’, but the reality is something different.  Cooperative ownership is the unique feature of this form of business, each member-owner has one vote in major decisions, but as credit unions grow the ‘owners’ are eased out.  Their control over the business is lost.  In truth, consolidation means that member-owners, […]

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Credit Union Burdens and Truths

The Ministry of Finance released it’s set of proposals for ‘revising’ the Financial Institutions Act and the Credit Union Incorporation Act back in March.   Credit unions and others were invited to comment.  I took part in some of the credit union system discussions and I think the ‘credit unions of BC’ provided a polite and […]

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A Digital Co-op Bank?

A month ago Central 1 published a short ‘white paper’ outlining their rationale for a ‘Digital Co-op Bank‘. The publication follows quickly on the Central 1 conference and AGM in May where virtually all the presentations related to a pending digital revolution in the financial services industry.  New management at Central 1 is making a […]

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