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Press Release

Credit unions welcome clarification regarding use of banking terminology

Toronto, ON, Aug. 11, 2017 (GLOBE NEWSWIRE) -- The Canadian Credit Union Association (CCUA) welcomes a decision by the federal government to review Bank Act restrictions around the use of the terms “bank, banker and banking” as they concern credit unions and other regulated deposit-taking institutions.

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“We are pleased that the federal government has recognized the need for a common-sense review of this issue,” said Martha Durdin, president and CEO, CCUA. “Credit unions provide banking services to millions of Canadians and need to speak to them in a way they can understand.”

 

The federal government addresses the Bank Act restrictions in a consultation paper released earlier today as part of an ongoing review of its federal financial services framework.

 

Following the release of the consultation paper, the Office of the Superintendent of Financial Institutions (OSFI) published a notice saying it was “suspending the compliance expectations set out” in an interpretative advisory published June 30. OSFI will revisit this issue pending the Department of Finance’s review of the Bank Act restrictions.

 

The Canadian Credit Union Association represents 278 credit unions outside of Quebec. Credit unions have won the Ipsos Best Banking Awards for 12 years in a row.

  

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About Canadian Credit Union Association (CCUA)

Canadian Credit Union Association is the national trade association for Canada’s credit unions and caisses populaires outside Quebec. These financial institutions offer a full-range of retail banking services to over 5.6 million Canadians. Collectively Canada’s 278 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of over $205.3 billion. For more information, visit www.ccua.com.

 

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0cb2409a-4f2b-4bee-816d-b441c05b36bd

Janet Gibson Eichner
Canadian Credit Union Association
416-232-3458
jgibson-eichner@ccua.com