TORONTO, Oct. 17, 2014 /CNW/ - On Tuesday, credit union leaders will be on Parliament Hill urging MPs to make sure the next budget recognizes the vital role credit unions play in supporting small business, creating jobs and building communities.
In the last two months, thousands of Canadians have contacted Finance Minister Joe Oliver telling him that credit unions need different – not preferential – treatment from Ottawa. Representatives from many of the country's 317 credit unions plan to meet with MPs to reinforce that message.
As one of the largest and most trusted lenders to small business, credit unions need the federal government to recognize credit unions' structural differences and promote policies like a Capital Growth Tax Credit. This measure would allow co-operative financial institutions to grow retained earnings and produce an estimated $700 million in economic growth and job creation locally, while supporting more competition for consumers.
"Credit unions are vital to the economy and are a fundamentally different kind of financial institution," says Martha Durdin, president and CEO, Credit Union Central of Canada. "By working with us and our 5.3 million members, the government has the opportunity to promote more economic growth and more good local jobs."
Credit unions are the only financial institution in over 380 communities, responsible for billions in economic activity, and are among the leading lenders to small business. Credit unions are financial co-operatives, which means they don't issue shares on capital markets like banks do, so that on average, nearly 80 per cent of credit union capital is retained earnings, compared with less than 45 per cent for shareholder-owned banks.
In August, Credit Union Central of Canada launched the "My Credit Union Matters!™" campaign inviting Canadians to promote the Capital Growth Tax Credit proposal directly to the federal finance minister. Thousands of emails and hundreds of post cards have been sent from credit union members in all parts of Canada. For more information about the campaign, visit www.myCUmatters.ca and www.macaissejytiens.ca.
Martha Durdin, president and CEO, Credit Union Central of Canada will be available on Monday, October 20th and Tuesday, October 21st to discuss the "My Credit Union Matters!" campaign, and the many benefits of credit unions to the economy. Local credit union CEOs gathered in Ottawa can also be made available for local coverage.
About Credit Union Central of Canada (CUCC)
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. CUCC represents five provincial/regional Centrals and one Federation representing 317 credit unions with more than $165.6 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada's credit union system visit www.cucentral.ca.
For the 10th consecutive year, Canadians ranked credit unions first overall in Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos® 2014 Best Banking Awards. Credit Unions also took sole honours in: Customer Service Excellence; Values my Business; and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning and Advice; Automated Telephone Banking Excellence; and Live Agent 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, [email protected]