The United Nations International Year of Co-operatives will end on a high note in Canada with an historic announcement for the evolution of the Canadian credit union system.
The federal government announced Friday the coming into force of the legislative framework that will allow for the establishment of federal credit unions.
The main purpose of a federal credit union charter is to support growth and expansion of the Canadian credit union system. It will enable those credit unions that so choose to reach beyond provincial boundaries and pursue business strategies that are not constrained by provincial incorporation.
“Credit Union Central of Canada welcomes today’s announcement as a major milestone in providing credit unions a new option to seek growth opportunities and enhance member service”, said David Phillips, president and CEO, Credit Union Central of Canada, in a release.
Over the past two years, Canadian Central has worked closely with the Department of Finance to develop a federal credit union option that would benefit the Canadian credit union system and the communities that they serve.
“Today’s announcement is the result of successful collaboration between the credit union system and the federal government and we congratulate the federal government for taking this action,” added Phillips.
Canadian Central is the national trade association for the Canadian credit union system.