Credit union financial reporting standards in BC are too low and out of date. The standard should be higher in light of consolidation and technological change.
Evading Accountability: AGM reporting
governance
Central1 Power Struggle
The C1 proposals serve the interests of larger credit unions, in the way risk would be redistributed and the way political power concentrated.
Feedback on the amended FIA
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.
Regulatory Over-reach
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.
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 […]
Trust and conflicts of interest at Banks
The Financial Consumer Agency of Canada said consumers are being ripped off, when it issued its report on bank sales practices in March. The report got far too little attention. In technocratic language it confirmed that virtually all of Canada’s banks pursue their own interests – not the interests of ordinary people. The primary finding […]
Director Training Trap
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 […]
