Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

March 05, 2010 13:34 ET

Coast Capital Welcomes Planned Legislation Allowing Credit Unions the Option to Expand

SURREY, BRITISH COLUMBIA--(Marketwire - March 5, 2010) – Coast Capital Savings applauds the plans announced by Ottawa in Thursday's budget to introduce legislation to provide credit unions with the option to operate nationally.

"This is good news for credit unions that may wish in the future to expand to other provinces. The legislation, once passed, will provide them with the statutory framework to do so. We think this is good for the credit union system, Canadian consumers, and the financial services industry in general," said Tracy Redies, president and CEO, Coast Capital Savings. "Any decision to pursue this opportunity would be made in consultation with the membership of Coast Capital Savings, but we are excited by the fact that the proposed legislation will now make this a viable growth option for our members to consider."

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $12.9 billion, more than 425,000 members and 50 branches in the Metro Vancouver, Fraser Valley, and Vancouver Island regions of British Columbia.

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