Prince Edward Island
PEI Legislative Assembly Tables Bill 54, An Act to Amend the Credit Unions Act
Bill 54, An Act to Amend the Credit Unions Act, was introduced into the legislature on February 27th. A culmination of a three-year review and engagement process, this bill represents the first substantive update to the Credit Union Act in more than 30 years. The majority of the changes that credit unions sought throughout the review process are reflected within the bill, including provisions to ensure flexibility around digital banking options positioning credit unions to nimbly respond to a rapidly changing financial sector.
CCUA will continue to monitor and share updates on the bill’s progress. Click here to read Bill 54 as it was introduced at first reading.
2024-2025 Budget Tabled
During the first week of sitting, Minister Jill Burridge delivered the budget address and tabled the 2024-2025 PEI budget. The budget largely focuses on health care, housing, and affordability. Click here to read CCUA’s budget overview.
Nova Scotia
Legislature Resumes
On Tuesday, February 27th, the first session of the 64th General Assembly resumed. Over the first week, Finance Minister Allan MacMaster both tabled and delivered a speech on the 2024-2025 budget. The new budget is heavily focused on housing and affordability. Click here to read CCUA’s budget overview.
Financial Measures Act Tabled
On Tuesday, March 5, Finance Minister Allan MacMaster tabled the Financial Measures Act (FMA), which includes a clause to remedy the discrepancy between variable interest rate change notification standards for credit unions and other financial institutions. This is an advocacy issue we have been focused on in partnership with Atlantic Central and Nova Scotia credit unions since 2022, and the inclusion of this clause within the FMA introduces the amendment we needed to resolve this issue.
Once sitting resumes on March 18th, CCUA will continue to monitor the progress of the FMA and provide updates accordingly. We will also continue our dialogue with senior staff at Service Nova Scotia to provide details on a coming into force date. Click here to read the bill as it was introduced.