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Credit Unions Welcome Clarification Regarding Use of Banking Terminology

August 11, 2017

Toronto, ON – The Canadian Credit Union Association (CCUA) welcomes a decision by the federal government to review Bank Act restrictions around the use of the terms “bank, banker and banking” as they concern credit unions and other regulated deposit-taking institutions.

“We are pleased that the federal government has recognized the need for a common-sense review of this issue,” said Martha Durdin, president and CEO, CCUA. “Credit unions provide banking services to millions of Canadians and need to speak to them in a way they can understand.”

The federal government addresses the Bank Act restrictions in a consultation paper released earlier today as part of an ongoing review of its federal financial services framework.

Following the release of the consultation paper, the Office of the Superintendent of Financial Institutions (OSFI) published a notice saying it was “suspending the compliance expectations set out” in an interpretative advisory published June 30. OSFI will revisit this issue pending the Department of Finance’s review of the Bank Act restrictions.

The Canadian Credit Union Association represents 278 credit unions outside of Quebec. Credit unions have won the Ipsos Best Banking Awards for 12 years in a row.