As Canada welcomes a new federal cabinet and faces continued economic uncertainty, including renewed tariff threats from the United States, it is more urgent than ever to take tangible steps to strengthen our domestic economy.

One of the clearest ways to do so is to improve access to the national market for Canada’s local, 100% Canadian-owned financial institutions: credit unions.

Credit unions across the country have had the legal option to become federally regulated since 2014. But in practice, this option remains largely out of reach. It currently takes seven to eight years, and untold millions of dollars and person-hours, for a provincially regulated credit union to complete the process of going federal.

This presents a significant structural barrier to growth and innovation in the sector. It also restricts interprovincial financial trade, limits consumer choice, and dampens the competitive landscape — all at a time when we need to work proactively to foster homegrown solutions for prosperity.

The time has come for Ottawa to focus on this problem for the benefit of all Canadians. With all governments in Canada focused on eliminating barriers to trade between provinces, and on the ongoing cost-of-living crisis facing Canadians, there’s never been a better time to open the door to more financial institutions growing and competing at the national level for the benefit of Canadian consumers and the national economy.

The Canadian Credit Union Association is calling on the Minister of Finance and National Revenue, François-Philippe Champagne, to work with the Office of the Superintendent of Financial Institutions (OSFI) to significantly reduce the administrative and financial burden associated with federal continuance. Canada’s credit unions are ready to grow, compete, and serve more Canadians.

CCUA and its members stand ready to work with the government in the pursuit of this important goal.