A win for banks

MP Dan Albas says credit unions shafted by Liberals

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 U.S. President Donald 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 more than 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”?

Dan Albas is the Conservative MP for Central Okanagan-Similkameen-Nicola. He can be reached at Dan.Albas@parl.gc.ca or call toll free 1-800-665-8711.

Just Posted

Grass fire ignites in Glenrosa

West Kelowna fire crews are on the scene of a grass fire

Updated: Okanagan Mountain Park fire grows

Smoke can be seen from Okanagan Mountain Park across from Peachland

West Kelowna firefighters perform rescue after lightning strike

Crews rescued two people from an apartment’s elevator on Carrington Road

Electricity usage record broken in Okanagan

Okanagan residents are breaking last year’s electricity records this summer, says FortisBC.… Continue reading

Lightning strikes spark 38 fires in B.C., 13 in the region

13 new fires in the Okanagan have been reported from the BC Wildfire Service Tuesday night.

VIDEO: Vernon residents quick to jump on lightning fire

Thanks to the residents’ efforts, crews were able to quickly suppress the fire.

UPDATED: Four small wildfires reported near Revelstoke following Tuesday night storm

Four new wildfires are currently burning near Revelstoke following Tuesday night’s lightning… Continue reading

Vernon Tigers one win from lacrosse title

The Vernon Source For Sports Tigers watched the Kamloops Venom self-destruct in a 20-7 win Tuesday.

Several attacked with bear spray at Kalamalka Beach

Police have apprehended a 16-year-old Vernon male.

Hells Angels celebrating 35th anniversary party on Vancouver Island

Additional police resources will be in Nanaimo this weekend as roughly 300 members and hang arounds are expected

New campaign aims to tide food waste at home

About 2.2 million tonnes of edible food is discarded in Canada every year

‘Savour the Okanagan’ fundraiser in Vernon Saturday

All contributions and proceeds will go towards JoeAnna’s House

B.C. couple reunited with dog three years after disappearance

A purebred Pomeranian is back with his parents, likely after years in a puppy mill.

BC Nurses Union calls for decriminalization of opioids

BCNU president wants the federal government to do more to reduce preventable deaths

Most Read