The BC Financial Services Authority (‘BCFSA’) has completed its first full year of operation and reported out. It is time for credit unions to assess how well the new regulatory regime works.
Feedback on the amended FIA
Concentration Risk
BCFSA is not targeting the risks, risks that are highly concentrated in the very large institutions, and community-based credit unions may be the collateral damage.
Classic Credit Unions
Classic or community-based credit unions are under stress. Leadership is needed to take on the challenges.
Financial Hamster Wheel
Low wages, predatory lending, and barriers to social mobility trap and disadvantage too many. Employers, governments, credit unions, retailers and others need to step up.
The Absent Owners
MEC: The Success Delusion
The failure of MEC is the result of a perverse definition of success, also taken up by credit unions.
Income Security
Monetizing Your Every Move
How do credit unions address their members’ loss of privacy? Huge datasets have been aggregated and turned into proprietary treasures – at Google, Facebook, Amazon, etc.. What is in the member’s best interest?
Managing Uncertainty
When managing risk & uncertainty, statistical models are no substitute for cautious, reasoned judgement.
Credit Unions Sidelined by COVID-19?
The delivery system for Federal emergency support programs to business excludes most credits unions; Central 1 must step up.