SURREY, BC, July 10, 2012 /CNW/ - Coast Capital Savings says Minister of
Finance Jim Flaherty's announcement of a proposed regulatory framework
for federally incorporated credit unions marks a significant and
positive development for cooperative financial institutions in Canada.
Tracy Redies, president and CEO of Canada's second largest credit union,
said Coast Capital has been a strong and long-time advocate of federal
legislation to enable credit unions to expand beyond their provincial
boundaries. She applauded the federal government for continuing to
deliver on its commitment to create a legal option for credit unions
that may wish to expand nationally, as announced in the 2010 budget.
"The opportunity for interested credit unions to grow beyond provincial
boundaries will benefit all Canadians by increasing consumer banking
choices and strengthening the entire financial services industry,"
Redies said. "While we are still reviewing the framework, we are very
pleased with the announcement of the proposed regulations because it is
another step toward providing credit unions with a new option for
growth and enhanced service to their members."
Redies said over the next few weeks, the credit union will review and
assess the proposed regulations to determine its implications for Coast
Capital and its members. This, she said, is part of an ongoing
comprehensive evaluation of the federal credit union option, including
the business benefits, risks and legal implications. She emphasized
that Coast Capital will only pursue the federal credit union option if
it makes sense for the business, members, employees and community
partners and if it aligns with the credit union's growth principles.
"Coast Capital supports the federal credit union legislation in
principle because we believe Canadians should have more choice when it
comes to national banking alternatives," said Redies. "However, we are
committed to open dialogue with our members, employees and community
partners before making any move. Any decision we take will follow
consultations with all these groups and a decision about whether we
choose to pursue expansion under the federal credit union law will
depend on their approval."
Coast Capital Savings Credit Union is Canada's second largest credit
union with total assets under administration of $13.5 billion, 475,000
members and 50 branches in the Metro Vancouver, Fraser Valley, and
Vancouver Island regions of British Columbia. Product innovations
include Canada's first free chequing account from a full-service
financial institution and the country's most flexible mortgage product,
the You're the Boss™ Mortgage, which was named 2010 Mortgage of the
Year by canadianmortgagetrends.com. Coast Capital offers one of
Canada's 10 Most Admired Corporate Cultures™. It is a member of
Canada's Best Managed Companies Platinum Club and an Imagine Canada
Caring Company. To learn more, visit www.coastcapitalsavings.com.
SOURCE Coast Capital Savings Credit Union
For further information:
Divine Agodzo, manager, media relations, Coast Capital Savings