Federal Credit Union Option Now Available to Canadian Credit Unions

Credit Union Central of Canada Welcomes the Proclamation of the Federal Credit Union Legislative Framework

TORONTO, Dec. 21, 2012 /CNW/ - The United Nations International Year of Co-operatives will end on a high note in Canada with an historic announcement for the evolution of the Canadian credit union system.  The federal government announced today the coming into force of the legislative framework that will allow for the establishment of federal credit unions.

The main purpose of a federal credit union charter is to support growth and expansion of the Canadian credit union system.  It will enable those credit unions that so choose to reach beyond provincial boundaries and pursue business strategies that are not constrained by provincial incorporation.

"Credit Union Central of Canada welcomes today's announcement as a major milestone in providing credit unions a new option to seek growth opportunities and enhance member service", said David Phillips, president and CEO, Credit Union Central of Canada.

Over the past two years, Credit Union Central of Canada has worked closely with the Department of Finance to develop a federal credit union option that would benefit the Canadian credit union system and the communities that they serve.  "Today's announcement is the result of successful collaboration between the credit union system and the federal government and we congratulate the federal government for taking this action," added Phillips.

About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 359 credit unions with more than $145.7 billion in assets and serving over 5.2 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.

For the eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit unions also took sole honours in Branch Service Excellence and Values My Business. Credit unions tied for first among all financial institutions for Financial Planning & Advice and Telephone Banking Excellence.

SOURCE: Credit Union Central of Canada

For further information:

Veronica Feldcamp
Director, Trade Association Services 
416-232-3417 or 416-434-8777
feldcampv@cucentral.com