The “S” in ESG refers to a corporation’s social sustainability and includes matters ranging from diversity, equity and inclusion, financial literacy, affordable housing, social finance and protection of vulnerable members through the market code of conduct. Additionally, in financial literacy, we have included topics such as the Each One, Teach One Financial Literacy Program, Education Savings programs, and Payday Lending & High-Cost Credit.
There is certainly overlap between each elements of ESG within a Credit Union. As a result, for the purpose of this website, we’ve aggregated the Social and Governance initiatives below.
Vulnerable Members
Vulnerable members have physical or psychological (e.g. health, mobility, emotional and/or cognitive) challenges impacting their ability to access or use financial products and services, which could make them susceptible to financial exploitation. As a result, vulnerable members have a greater need for targeted financial advice, strategies and support.
Vulnerable Member Resources
The model market codes of conduct (MCC) for credit unions in Saskatchewan and British Columbia include principles regarding the protection of vulnerable members.
In compliance with the vulnerable members provisions of the BC and SK MCCs, CuSource offers a 30-minute online course, Identifying and Protecting Vulnerable Members, which will provide you with a high-level understanding of vulnerable members and the challenges they may experience when accessing or using financial products or services, as well as their susceptibility to financial exploitation.
You will also learn about strategies and best practices to help improve their experience with us and help protect them.
Diversity Equity & Inclusion (“DEI”)
Diversity Equity and Inclusion, or “DEI”, is a framework for fostering a more inclusive mindset in the workplace. To support credit unions on their inclusion journey, CCUA has hosted a number of webinars and offers training curriculum.
For DEI Resources resources, please see the Resources section below.
DEI Working Group
For more information on CCUA’s DEI Working Group, please click here.
Housing Affordability
In many parts of the country, housing affordability is no longer attainable. Credit Unions are working to solve this challenge though collective innovation with local communities and governments. Below we’ve included information about Canada’s National Housing Strategy and the Rent-to-Own program, delivered by Canada Mortgage Housing Corporation (CMHC).
National Housing Strategy
The Federal Government offers financial partnership for acceptable projects that meet the National Housing Strategy priorities, which include:
- Housing for those in greatest need – the vulnerable populations.
- Social housing sustainability
- Indigenous housing
- Northern housing
- Sustainable housing and communities
- A balanced supply of housing
For more information, please click here.
CCUA Affordable Housing Solutions Lab
Social Finance
Social finance is an approach to leveraging and mobilizing private capital to address challenges in areas of social and environmental need. It has a strong public benefit focus and includes elements of impact investing, socially responsible investing and social enterprise lending.
For social finance resources, please see the Resources section below.
Black Entrepreneurship Program
The Black Entrepreneurship Program (BEP) is a partnership between the Government of Canada, Black-led business organizations, and financial institutions. With an investment of up to $265 million over four years, it aims to help Black Canadian business owners and entrepreneurs grow their businesses and succeed now and into the future. To learn more about the program, please click here.
Black Entrepreneurship Loan Fund
The Black Entrepreneurship Loan Fund (BELF) provides loans up to $250,000 to Black business owners and entrepreneurs across the country. The loan and application process will be administered by the Federation of African Canadian Economics (FACE).
The federal government hopes to maximize credit union participation in this program given the sector’s leadership in local economic development. Further program details including how to sign up will soon be circulated. In the meantime, if your credit union would like to participate, please contact our team.
Financial Literacy
Enhancing Canadians’ financial well-being is a shared core value for Canadian credit unions. To help your members develop the knowledge and skills necessary to confidently manage their personal finances, Each One, Teach One (EOTO) is an innovative financial literacy program that trains employees of financial institutions to deliver basic financial skills workshops in community settings.
Each One, Teach One Financial Literacy Training Program
Delivered in plain language—in schools, church basements, neighbourhood houses, and community centres—Each One, Teach One’s approach is to meet individuals where they are, when they seek training.
The Each One, Teach One financial literacy program provides trained credit union staff with access to 17 financial literacy workshops to deliver in communities.
Staff at Vancity Credit Union in British Columbia conceived the workshops in the Each One, Teach One series and the approach to training staff to become certified volunteer trainers in the community.
In collaboration with CCUA’s Credit Union Community Impact Committee and the National Marketing Advisory Committee, Vancity repurposed this program to share with other credit unions through CCUA’s credit union network. This turnkey package was made possible with the generous financial support of the Vancity Community Foundation (through its commitment to supporting financial literacy in communities) and significant in-kind support from the financial literacy team at Vancity Credit Union. The EOTO has now been transferred to CCUA for management.
Please click here to learn more about EOTO.
Education Savings
Canada’s future economic prosperity will depend on today’s youth, so it is crucial that they receive the education and experience they need to prepare for the jobs of tomorrow.
Canada Learning Bond (CLB)
The Canada Learning Bond (CLB) is money that the Government adds to a Registered Education Savings Plan (RESP) for children from low-income families. This money helps to pay the costs of a child’s full- or part-time studies after high school at apprenticeship programs, CEGEPs, trade schools, colleges, and universities. No personal contributions to an RESP are required to receive the CLB.
Please click here for more information on the Canada Learning Bond (CLB) for adult beneficiaries.
Education Saving Resources
For two years, CCUA partnered with leading experts to discuss how credit unions can support their members’ plans for the future. Learn the foundations of a Registered Education Savings Plan (RESP) and related government benefits, and the benefits of collaborative partnerships with different levels of government and community organizations.
The 2022 webinar recording can be found here, while the 2023 recording can be accessed here.
Payday Lending & High-Cost Credit
Credit Unions are values-based institutions who seek to support whole communities, including their most vulnerable members. Many Credit Unions offer unique product alternatives to high-cost credit to end predatory lending practices and ensure that all members of society can achieve financial health. Click here to view CCUA’s responses to consultations on predatory lending.
For additional financial literary resources, please see the Resources section.