The Department of Finance has launched consultation process to study the establishment of a cooperative bank framework in Canada. This process will allow financial regulators and members of the public to share their views on the various options for cooperative banking in Canada.

A cooperative banking system “could allow the movement to potentially play an even greater role in Canada’s financial services sector,” says Finance. “The feedback received during the consultation process will help determine whether there is sufficient consensus to move forward with legislation implementing a cooperative bank model.”

The first phase of the process involves the release of a discussion paper, which is available on the Department of Finance website.