In last week’s report I raised the fact that Ottawa is soon to restrict Credit Unions from using terms like “bank, banker, and banking”. The reaction I heard from citizens was one of overwhelming opposition and in many cases bewilderment. I should also add that the sheer number of responses I heard was also very significant. Clearly this is an issue that many in our region have strong feelings about.
What can be done about it? The legislation that allows Ottawa to restrict Credit Unions from using these words is contained in the Bank Act. I am currently in the process of drafting a Private Members Bill to amend the Bank Act that will remove these language restrictions and allow Credit Unions to continue to successfully operate as they have for many decades now.
Unfortunately the order that Private Members Bills can be debated in the House of Commons are decided by a lottery style draw that does now allow this Bill to presented in a timely manner. In the interim a local citizen is in the process of having an online petition approved by the House of Commons that citizens can sign online.
If there is strong support for this petition I am hopeful that the Liberal Government will either amend the Bank Act to remove this attack on Credit Unions or at a minimum intervene and ask that the Office of the Superintendent of Financial Institutions review this enforcement decision. Almost without exception I have not heard any support at all for restricting Credit Unions from using terms like bank, banker or banking. As one citizen observed – will food banks be targeted by Ottawa next?
My question this week – would you support my Private Members Bill to amend the Bank Act and by extension would you be willing to sign an online petition opposing this attack on our Credit Unions?
I can be reached at Dan.Albas@parl.gc.ca or call toll free 1-800-665-8711
7/19/2017 04:08:26 pm
Yes I would gladly sign an on line petition
Marvin D Vetter
7/19/2017 05:02:39 pm
Re proposed Credit Union changes: Yes I do support your Private Members Bill to amend the Canada Bank Act and further, will sign an online petition opposing this attack on Credit Unions (likely a Chartered Bank initiative),
7/19/2017 07:49:41 pm
7/19/2017 10:00:58 pm
Please fight to stop this lunacy being directed at the Credit Unions
7/20/2017 02:08:06 pm
Marjorie (Midge) Behnke
7/20/2017 03:14:54 pm
We have used Credit unions for many years and consider them very much a "bank". Just another way for the other banks to keep the power?
7/21/2017 01:58:18 pm
One more power grab by the liberals. I will definitely support you by signing a petition
7/19/2017 04:17:47 pm
Credit unions should have better lending rates and interest rates because big banks deal in greed and quantity.. our Credit union US dollar exchange rate should be allowed to be better also...Suport your local credit unions.
7/19/2017 05:04:46 pm
7/19/2017 05:06:45 pm
Yes, I would happily sign the petition.
7/19/2017 07:55:01 pm
Yes I will happily sign the petition
7/19/2017 08:24:52 pm
7/19/2017 09:18:31 pm
I support the bill to amend the Bank Act.
7/19/2017 10:45:21 pm
I support a private members bill to support the Credit Unions to Amend the bank act in their favour
7/20/2017 06:32:36 am
I will certainly sign the petition. We need diversity in 'banking' without this type of legislative action to protect the 'big banks'.
7/20/2017 01:06:33 pm
Yes I would support this initiative.
7/20/2017 02:06:43 pm
were do I sign?
7/20/2017 08:39:35 pm
Some people really don't have any idea how to discern what is important to Canadians. Banking at credit unions is clearly important to a lot of people, myself included, and the crackdown that is being proposed is definitely a poor decision.
7/21/2017 04:51:56 am
I have been a member of the Credit Union since the 50's.. this federal regime needs to learn a lesson that they can't meddle with our lives...Canadians please stand up against the oppressive federal liebaral regime..
7/21/2017 08:49:16 am
Darn rights I would
7/21/2017 03:35:25 pm
Yes, I will sign - Where?
Mary Ellen Arndt
7/22/2017 04:50:36 pm
Yes, I will sign - Where?
7/23/2017 11:43:56 am
I'd be happy to sign
7/23/2017 11:52:35 am
DAMN RIGHTS I WILL. I'll do ANYTHING ...anything .... to destabilize the embarrassment Canada is suffering thru with the "selfie-drama-hack" and his 'Kardashian puff'.
8/10/2017 09:31:45 pm
Yes I support your private members bill and will sign your petition, wholeheartedly!
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Dan Albas is the Member of Parliament for the riding of Central Okanagan-Similkameen-Nicola.
Central Okanagan – Similkameen – Nicola