The Atlantic Provinces Government Relations functions are headed by Jennifer English, Regional Director, Government Relations (Atlantic). Below you will find information on the government relations work specific to the Atlantic provinces.
Current Advocacy Priorities
New Brunswick
In 2022, the New Brunswick Credit Union Manager’s Association (CUMA) undertook a review of the Credit Union Act to identify pain points in the legislation and submit recommendations to the Financial and Consumer Services Commission (FCNB). CUMA completed their review and finalized recommendations in September of 2022 to align with the Government’s review timeline. In the following months, CUMA has received updates from FCNB on the status of the Act. Although the proposed changes will not be made in the upcoming legislative session, CCUA will continue to monitor the Legislative Assembly.
CCUA is also monitoring the implementation process for Bill No. 29 Financial Advisors and Financial Planners Title Protection Act, which passed in June of 2023. Draft rules were released in January of 2024 and CCUA continues to work with NB CUMA and UNI to determine the potential impact.
Newfoundland and Labrador
CCUA anticipates that minor changes to the Credit Union Regulations will be a focus in the fall of 2024. CCUA worked with NL CUMA and Atlantic Central to formulate recommendations for language changes and presented a submission to CUDGC in March of 2024. CCUA will continue to engage with NL CUMA and the Credit Union Deposit Guarantee Corporation on the potential for changes to the Regulations in upcoming legislative sessions.
Nova Scotia
In partnership with Atlantic Central, CCUA began advocacy with Service Nova Scotia for changes to the Consumer Protection Act to address requirements for credit unions to notify members in writing of interest rate changes on variable credit products. In the beginning of the Spring 2024 session, Minister of Finance Alan MacMaster tabled the Financial Measures Act, which includes language to amend the Consumer Protection Act. The bill received Royal Assent on April 5, 2024. CCUA will provide updates to credit unions on implementation when they become available.
Prince Edward Island
CCUA supported PEI CUMA in drafting a response to a consultation containing draft language of potential amendments to the Credit Unions Act in February 2024. An Act to Amend the Credit Unions Act was tabled at the beginning of the Spring 2024 session and and received Royal Assent on April 23, 2024. CCUA expects the regulations process to begin in early summer and will provide updates to credit unions on that timeline once it is announced.
Important Files
Open Banking
In 2022, CCUA convened the Atlantic Open Banking Committee (AOBC), comprised of CEOs from all four provinces and representatives from Atlantic Central and League Data. The AOBC provided feedback to the Federal Open Banking Working Groups to ensure the Atlantic perspective was captured. As the federal Open Banking framework progresses and is released, this group will continue to provide guidance and input to CCUA for future advocacy on the provincial level. As the federal government worked internally to create the framework, the AOBC went on hiatus in 2023.
CCUA is reconvening the AOBC to discuss the next round of federal consultation questions. CCUA will keep the system apprised of updates on this group and the federal process. Click here to see the AOBC’s meeting outcomes on the provincial section of CCUA’s Open Banking resource page.
Atlantic Region Issues
In addition to credit union specific regulatory and legislative advocacy, CCUA is also active on files that are important to our members in the region such as affordable housing, financial literacy, and broadband access.
Engagement with Government
CCUA, in coordination with Atlantic Central and credit union leaders, provides provincial governments and regulators with credit union feedback on important consultations:
New Brunswick:
- April 2024- Overcoming Poverty Together Submission
- September 2022 – Credit Unions Act Review CUMA Response
- October 2021 – Financial Planner/ Advisor Title Protection Consultation Response
Prince Edward Island:
- February 2024- PEI CUMA Response to Consultation
- May 2023- Post Provincial Election Letters to Minister of Justice and Public Safety, Premier, Minister of Finance
- January 2023-2023 Pre-Budget Submission
- April 2022- PEI CUMA Act Review Submission
Market Conduct Code Resources:
Regulators from all four Atlantic provinces have reviewed and approved the Atlantic version of the voluntary Market Conduct Code (MCC) and self-assessment. Resources for the MCC are listed below: