TORONTO, Dec. 11, 2014 /CNW/ - Members of the House of Commons finance committee have called for an important change in the 2015 budget to create jobs and create economic growth through community credit unions. The recommendation in the committee's pre-budget report is being welcomed by the national trade association for Canada's credit unions system, Credit Union Central of Canada (CUCC).
"We are glad that MPs on the committee responded positively to our request for greater competitive balance between credit unions and the country's much larger financial institutions," said Martha Durdin, president and CEO, Credit Union Central of Canada. "As one of the largest and most trusted lenders to small business, credit unions are looking to the federal government to recognize our structural differences and to promote policies like a capital growth tax credit in the next budget."
Community-based financial co-operatives serve the second largest share of the small and medium sized business market in Canada. Canada's 315 independent, member-owned credit unions are the financial services provider of choice of over 5.3 million Canadians, and responsible for billions in economic activity.
"The next federal budget will be an important opportunity for the federal government to level the playing field," added Durdin. "We thank the members of the finance committee and all MPs who have let the Minister know that credit unions matter to their communities."
In August, CUCC 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.
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. Canadian Central represents five provincial/regional Centrals and one Federation representing 315 credit unions with more than $168.4 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, Knowledge Services, Tel: 416-232-3417, Email: [email protected]