CCUA has written to Premier Tim Houston in response to proposed legislation to create a credit lock for Nova Scotia financial consumers. Following discussions with Nova Scotia credit union leaders, Desjardins, and the government relations team at the Canadian Bankers’ Association (CBA), our primary concern with a credit lock is ease of use and clear guidance for consumers, sufficient time for implementation, and assurance that the legislation will apply to all lenders operating in the province.

We’ve been advised that we will have an additional opportunity for consultation following the introduction of the legislation in the Fall session. We will provide an analysis of the bill once it’s available and communicate our assessment directly with Nova Scotia credit union leaders.

If you have any questions about the proposed credit lock in Nova Scotia, please contact Jenn English.