Toronto, ON, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Ontario credit unions welcome Minister of Finance Rod Phillips’ and the Ontario government’s continued commitment to develop new principles‐based legislation to replace the outdated Credit Union and Caisses Populaires Act, 1994.
As announced in the Minister Phillips’ Fall Economic Statement: “This new legislation will aim to reduce regulatory burden for Ontario’s credit unions, enabling them to be more agile and competitive while continuing to meet the needs of their members.”
The Canadian Credit Union Association (CCUA) supports the announcement. “Modernizing the Credit Union and Caisses Populaires Act, 1994 is long overdue,” says Martha Durdin, President and CEO of CCUA. “We are pleased with the work the government is doing to increase the opportunities for credit unions to expand and serve their members.”
Credit unions are community-based financial institutions focused on personal, commercial and mortgage lending. They are financial cooperatives, owned by their members – the people who bank with them. Ontario’s credit unions and caisses populaires serve 1.6 million members, nearly 150,000 small businesses and employ 7,000 people.
About Canadian Credit Union Association
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 5.8 million Canadians (outside of Quebec). Collectively Canada’s 241 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of $240 billion. To learn more about the credit union difference and find a credit union near you, visit www.ccua.com.