After a lengthy debate, the Financial Measures Act (FMA), which includes an amendment to the Consumer Protection Act (CPA), received Royal Assent on the last day of the spring sitting of the Legislative Assembly. The CPA amendment removes the requirement for credit unions to provide a 30-day advance notice of an interest rate change on a variable credit product. The passing of this amendment comes after more than two years of discussions with senior representatives of Service Nova Scotia.
A special thanks to Rick Doucette, who joined CCUA for a meeting with Minister of Service Nova Scotia Colton LeBlanc to discuss the burdensome impact of this requirement, and to all credit union CEOs and GMs who advocated for this change!
Although the FMA has been given Royal Assent, it still awaits a proclamation date. Once that date is announced, CCUA will provide an update to credit unions. We are also working with Atlantic Central to ensure necessary policy and procedure changes.