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Add your voice to federal consultation on banking terms Don’t wait until the September 29 submission deadline

September 1, 2017

Kevin Dorse, Deputy Director, Government Relations, Canadian Credit Union Association

There’s still important work to do to ensure credit unions can continue to use the verb “bank” and term “banking” in describing what we do for Canadians every day.

The Department of Finance set a September 29 deadline for its public consultation concerning the restrictions on the use of these terms by credit unions. It’s crucial that this consultation hears back from credit unions in support of common sense use of these terms by then.

CCUA is strongly encouraging every member credit union to make a written submission of your own to ensure your voice is heard loud and clear on this issue. Submissions may be brief and focused specifically on the banking terms issue. To help, CCUA has circulated a toolkit to guide you through the submission process.

The Office of the Superintendent of Financial Institutions has suspended its earlier enforcement advisory concerning the banking terms depending on the outcome of this consultation.

In addition, we can be sure that our opponents will be sharing their views with government. Enforcement of existing restrictions will disadvantage credit unions as we try to make Canadians aware of the choices available to them in the banking sector. We can’t afford to let the opponents of common sense use of these terms be the prevailing view.

Thanks to your hard work, by contacting your local MPs, taking the issue to social media and talking about it with local, regional and national media, we have succeeded in elevating this issue into the Bank Act consultation. Now we need you to take the next step.

Submissions must be made to Department of Finance consultation on or before Friday, September 29 at fin.legislativereview-examenlegislatif.fin@canada.ca.

The CCUA team is ready at governmentrelations@ccua.com to answer any questions you may have, or to review your submission. We are also tracking the number of submissions sent, so please email us when you’ve sent yours at governmentrelations@ccua.com.

Working with our advisory committees, CCUA will be making a comprehensive submission to address all components of the broader consultation.

Confirmed submissions sent (as of Aug 29):
1. Biggar and District Credit Union
2. Kingston Community Credit Union
3. Grand Forks Credit Union
4. Oshawa Credit Union

Has your credit union sent your submission already?
Please let us know!