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MP Report

Do you 'bank' with a Credit Union? Not if Ottawa has a say.

7/12/2017

16 Comments

 
Picture
Sometimes I find Ottawa related media coverage can be frustrating.

As an example you have likely heard this week one or more stories related to President Trump and Russia.
However have you heard that Canada’s Credit Unions are once again under attack from Ottawa?

As a result I wrote the following Op-Ed on this topic that I would like to share for my MP Report this week.
 
Do you bank with a Credit Union? Soon, thanks to the long arm of Ottawa, that may come to an end.
 
You see last week the federal agency responsible for regulating banks and other financial institutions quietly issued new regulations that will damage the thousands of credit unions and caisses populaires that operate across our country.
 
The regulations issue a blanket prohibition on the use of terms like “bank”, “banker”, and “banking” by basically any entity other than the big banks. Credit unions, who have traditionally been allowed to use common terms like “bank with us” or “online banking”, will no longer be allowed to do so.
 
And why the sudden change?
 
No explanation has been forthcoming. This has left credit unions and their customers confused as to why they would want to change a decades-old practice. The result of these changes will be increased costs for credit unions, which will have to pay for changes to signage and other marketing. Moreover, it will put them at a further competitive disadvantage when compared to the big banks.
 
Over the past several months, credit unions and Parliamentarians alike have reached out to the regulator and to the Finance Minister to strongly oppose these changes. In fact, at an All-Party Credit Union Caucus meeting on Parliament Hill, MPs and Senators from all parties agreed that these changes were unnecessary and harmful.

Unfortunately their views seem to have fallen on deaf Liberal ears.
 
There are over 300 credit unions nationwide that serve over 5.5 million members.
​Credit unions provide a community-focused approach to finances and are regularly recognized as leaders in customer service. Instead of making business harder for these important institutions, we should be looking for ways to help ensure that credit unions can thrive and prosper in our communities.

It is not too late for the Finance Minister to step in and change these regulations. I call on him to do the right thing.
 
What can you do? Contact your local MP and tell them you value banking with your credit union and to stop this regulatory attack against Credit Unions and Caisses Populaires.
 
My question for you this week is do you agree with this decision to restrict Credit Unions from being able to use words like “bank”, “banker”, and “banking”?

I can be reached at Dan.Albas@parl.gc.ca  or call toll free at 1-800-665-8711.

16 Comments
David Janzen
7/14/2017 09:27:34 am

I do and have banked at a Credit Union for many years. I am opposed to restricting them.

Reply
Stephanie Vaughan
7/20/2017 04:29:52 am

I have banked with my local credit union for a number of years. I chose the Kawarth Credit Union because they were very open to helping me establish good credit when the "big banks" turned their backs on me. The Credit Union opened their doors to me and I don't want the government to close the doors to Credit Unions!

Reply
Lawrence Windrem
8/5/2017 08:18:00 am

I have banked with my local credit union for a number of years. I chose the Kawarth Credit Union because they were very open to helping me establish good credit when the "big banks" turned their backs on me. The Credit Union opened their doors to me and I don't want the government to close the doors to Credit Unions!
Lawrence Windrem

Reply
Bob omanf
7/14/2017 11:16:50 am

I bank at 2 credit unions and want to continue doing so. These changes that are proposed are definitely not needed. I strongly oppose them.

Reply
John Wilson
7/14/2017 12:14:46 pm

Obviously whichever this Fedaral agency is, do they not have anything better to focus on than this wording. These people are probably very highly paid for their so called expertise and therefore should be held accountable for their actions. This is ridiculous and must be stopped, just a waste of everybody's money.

Reply
Les Henderson link
7/14/2017 01:57:45 pm

Here's a bit more background on the topic and what you can do.
https://www.linkedin.com/pulse/big-banks-lobby-hard-semantic-monopoly-les-henderson
I'll be adding Dan Albas to the list of sensible MP's who support credit unions and/or simply deplore stupidity.
https://www.linkedin.com/pulse/contrary-osfi-advisory-canadas-finance-ministry-credit-les-henderson

Reply
ERN LAKEY
7/20/2017 03:18:14 pm

A member and have dealt only with credit Unions for 72 years.
Employed by a c.u. for 20 years, retired as an asst/gren mgr.,
33years ago.
Cannot believe the Govt. can suggest such serious changes
that may effect Credit union members.

Reply
Neil Golley link
7/14/2017 03:50:57 pm

What do this idiots think they are doing? This is BS. We use a Credit Union, because they are a lot more service oriented than a lot of the big banks, also less fees.

Reply
Diane phypers
7/14/2017 07:32:34 pm

I've dealt with our local cu for over thirty years . I consider them my bank and cannot understand why this would even be consider by the government makes no sense at all.

Reply
Terry Baker
7/15/2017 05:29:42 am

This seems like just another back door push by the big banks to crush the little man and take over. Sickening. I have "banked" with a CU for many years I like there service and style. This is totally unnecessary and just another attempt by this lame government to encroach on our civil liberties.

Reply
lois
7/15/2017 01:37:49 pm

please voice opposition - credit unions must be protected

Reply
Keith Tedford
7/19/2017 07:31:47 pm

Greedy banks, along with their government buddies, are trying to pull a fast on on the working people. I had worked with the local bank in our village many years ago. Then people's private business started to get leaked out by loose lips. Before my business became public too, we moved on to the credit union where I worked and never looked back. Big banks are so in tight with our government people that they do what ever they like. Time to change that.

Reply
Gordon Mitchell
7/20/2017 09:54:57 am

Ludicrous. This is big Banks trying to force out Credit Unions in my view. We have to have this stopped. Please pass on my feelings of outrage to the Minister responsible.

Reply
Greg Sproule
7/20/2017 05:46:24 pm

Seems every time we turn around there is more control being exerted on us by the Liberal Government and the NDP. We are a Democracy not a Socialist State. I definitely take offence that the Liberals are telling us and our Financial Institutions [if they are not part of the big banks] what they can say and what they can't in their advertisements. As mentioned our country is not a Socialist State and our Credit Unions or other Financial Institutions should have the right to say "Come Bank with Us etc-etc."

Reply
Alice Hooper
8/10/2017 09:28:32 pm

This is a Freedom of Speech issue as well! The Banks do not own our language!!!! This cannot be allowed to happen! If we do not oppose this ridiculous reach into our freedoms one has to wonder where it will end!

Reply
Tracy S Wimbush
9/12/2017 09:42:05 pm

I looked up the definition of "bank" and it is what credit union do... so I don't understand the reason behind this move. Why expend all this funding to pay people to change all the wording in the existing Act, sounds like a "make work" program for bored gov't "officals". Instead how about paying down the deficit? Or how about dealing with our homeless and unemployed before bringing in more people we have to pay for through language lessons, work skills housing, ect. More important issues !

Reply



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    Dan Albas is the Member of Parliament  for the riding of Central Okanagan-Similkameen-Nicola.
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    Communicating with his constituents is one of his top priorities. Dan writes a new MP Report each week.

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Central Okanagan – Similkameen – Nicola
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