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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
Today’s announcement from seven credit unions in the BC interior is a shocker and clear evidence that smaller, up country credit unions are in a strategic bind. The announcement says that formal talks are underway to explore the potential for a merger of the seven credit unions; Columbia Valley, Creston, East Kootenay, Grand Forks, Heritage, Kootenay […]