A local Member of Parliament has tabled a bill in an attempt to reduce the administrative burden on credit unions.
Central Okanagan-Similkameen-Nicola MP Dan Albas believes credit unions have to deal with federal and provincial regulations that create not only duplicity, but force clients to pay for it. The bill would essentially allow credit unions to act more like the big banks.
“Canadians all benefit from a more competitive and vibrant financial sector,” Albas said in a press release. “These changes have been proposed by local credit unions, and I am pleased to take them forward in this bill.”
The bill Albas proposed would amend the Competition Act and Bank Act. Here is the summary of what Albas is proposing:
• require the signature of the lesser of 500 members or one per cent of members entitled to vote at a meeting for approval of a special resolution
• remove the ability for any member of a credit union to examine and make copies of the members register.
• remove the requirement for a Competition Bureau application when two or more credit unions wish to merge as this duplicates existing provincial reviews to ensure competitiveness at great cost. If there is a concern about competitiveness, the commissioner or competition can still require such an application.
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