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 […]
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 […]
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 […]
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. […]
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 […]
Central 1 is now canvasing credit unions on what the ‘mandatory’ director training program should look like. The survey is well thought out and to be welcomed, but the implications and the potential conflicts of interests need to be considered. The current one year Credit Union Director Achievement (CUDA) program will be expanded into a […]