SURREY, BC, Dec. 21, 2012 /CNW/ - Coast Capital Savings welcomed the
federal government's announcement today of the formal implementation of
the federal credit union legislation and regulations, saying it opens a
significant new chapter for financial services and consumers in Canada.
The proclamation of the federal credit union legislative framework means
interested credit unions across the nation now have the option to
expand their services beyond current provincial boundaries, under
federal charter. But even more importantly, it will serve to increase
consumer banking choices nationwide.
"This day will go down as an historic milestone, not just for the credit
union movement, but for Canada's financial services industry as a
whole," said Tracy Redies president and CEO of Coast Capital Savings.
"For credit unions that have the dream to expand nationally, but have
been held back over the years by legislative hurdles, the proclamation
of the federal credit union legislation opens up exciting, new growth
possibilities. Even better, consumers across Canada will benefit from
more national competition in the industry, and the unique value
proposition that credit unions bring to the financial services
Redies applauded the federal government for its commitment to bringing
this historic legislation, unveiled in the 2010 budget, into force.
"The government engaged in a broad-based consultative process over
several years and we want to commend their dedication, their openness
to input from the credit union sector and the thorough work that has
gone into the creation of the new legislative framework," Redies said.
"Canada is consistently recognized as having the best banking system in
the world and the new federal credit union law goes to reinforce this
reputation, as well as the government's support for growth and greater
consumer choice in the industry."
Redies said while the new legislative framework is a significant step
forward for credit union expansion, individual credit unions will need
to decide whether or not federal incorporation makes sense for them.
"We'll be following the same process ourselves," Redies said. "Now that
the legislation is in force and the regulations are in place, we can
more fully explore what federal incorporation would mean for our
organization. We are committed to having an open dialogue with our
members, employees and partners before making any decisions."
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:
John Groves, Public Affairs, Coast Capital Savings