Alberta credit union system statement on Bill 15 An Act to End Predatory Lending

CALGARY, May 12, 2016 /CNW/ - Graham Wetter, President and CEO of Alberta Central, issued the following statement today in response to the Alberta government's introduction of Bill 15: An Act to End Predatory Lending

"The Alberta credit union system applauds the Alberta government for its leadership in moving forward with legislation to curb payday lending. Credit unions believe Bill 15, if passed, will curtail these lending practices that often negatively impact vulnerable Albertans, and will encourage further collaboration among government and financial sector stakeholders to develop alternative solutions to payday lending.  

The Alberta credit union system is committed to working with the Alberta government to reduce payday lending in our province. Alberta's two largest credit unions, Servus Credit Union and First Calgary Financial, a division of Connect First Credit Union, today announced their intention to offer small-dollar credit solutions geared to payday lending customers in Alberta this year. As a result, Albertans will be able to apply for small-dollar credit with fair and affordable lending terms and conditions in over 100 Servus branch locations throughout the province and 27 First Calgary Financial and Chinook Financial (divisions of Connect First Credit Union) branches located in Calgary and Southern Alberta. 

Credit unions will also continue to promote local financial literacy initiatives within the communities they serve to raise awareness of the pitfalls of payday lending and encourage Albertans to seek financial advice from certified financial professionals prior to accessing payday loans."

About Alberta Central
Alberta Central is the industry association and central liquidity provider for the Alberta credit union system. There are 26 credit unions in Alberta with over 620,000 members and approximately $23.8 billion in assets. For more information please visit www.albertacentral.com and @ABCreditUnions.

SOURCE Credit Union Central Alberta Limited

Image with caption: "Credit Unions of Alberta (CNW Group/Credit Union Central Alberta Limited)". Image available at: http://photos.newswire.ca/images/download/20160512_C4100_PHOTO_EN_689627.jpg

For further information: Media inquiries may be directed to: Colleen Fortuna, Director, Communications, Alberta Central, Cell: 403-585-7729, Email: colleen.fortuna@albertacentral.com

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http://www.albertacentral.com

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