BCU Financial Group

March 04, 2010 17:59 ET

BCU Welcomes Enhanced Role for Credit Unions Announced in 2010 Federal Budget

TORONTO, ONTARIO--(Marketwire - March 4, 2010) - The federal budget, presented today by Finance Minister Jim Flaherty, was welcomed by Ontario - based Buduchnist Credit Union and its affiliated operations within BCU Financial Group. The budget contains important reforms that will enhance Canada's financial landscape by enabling credit unions to operate nationally.

Buduchnist Credit Union, like a number of other Canadian credit unions, has been a strong proponent of change with respect to legislative frameworks governing the credit union system.

Over the past decade, BCU has continued to see its assets grow. "With its strong capital base, Buduchnist is well positioned for dynamic growth, flexibility, and expansion," says Oksana Prociuk, CEO of Buduchnist Credit Union. "To date, however, financial institutions like BCU did not have the strategic freedom to pursue inter - provincial operations as a way of expanding credit union services and membership into other provinces."

Today's federal announcement marks an historic step, as it will remove previous constraints, by laying the groundwork for federal legislation enabling credit unions to undertake business anywhere in Canada. These reforms will allow credit unions to enhance member services, strengthen growth opportunities, and improve their capacity to compete in the financial services sector.

BCU Financial Group, which includes Buduchnist Credit Union and its subsidiaries, currently oversees over half a billion dollars in assets.

Contact Information

  • BCU Financial Group
    Lisa Shymko
    Director, Communications and Public Relations