BC credit unions now have ‘two’ regulatory systems; the second one has been implemented using ‘opportunities’ within the Financial Institutions Act (‘FIA’), not envisioned under the FIA.
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, […]