Credit Union Central of Canada Welcomes Announcement of Proposed Regulations for Federal Credit Unions

TORONTO, July 5, 2012 /CNW/ - Today, Finance Minister Jim Flaherty announced draft regulatory changes that, when finalized, will establish a legal framework to allow credit unions the option to be incorporated and regulated at the federal level. These changes will support the evolution of the Canadian credit union system by providing interested credit unions with an option to operate across Canada and beyond their current provincial boundaries.

"Credit Union Central of Canada supports the availability of a federal option for credit unions.  We welcome today's announcement as another step toward enabling credit unions to choose a new option to address growth opportunities and enhance service to their members," said Gary Rogers, vice president, Financial Policy, Credit Union Central of Canada.

Credit Union Central of Canada (Canadian Central) has been representing credit union interests in working with the federal government and Department of Finance over the past two years to ensure the necessary steps would be taken to proclaim the federal credit union legislation into force.

About Credit Union Central of Canada (Canadian Central)

Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 368 credit unions with more than $140 billion in assets and serving 5.1 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.

For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Synovate Canada's annual Best Banking Awards. Credit unions also took sole honours in Values My Business and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; and Telephone Banking Excellence.

Veronica Feldcamp
Director, Trade Association Services
[phone]
[email protected]