Credit Unions Welcome Provincial Review of Credit Union Legislation: Will Seek Changes to Encourage System Growth

TORONTO, ONTARIO--(Marketwired - Oct. 16, 2014) - In response to today's announcement that York South-Weston MPP Laura Albanese will lead a review of the legislation that governs credit unions, Ontario credit unions voiced their support of working collaboratively with the province on the review.

Finance Minister Charles Sousa announced that the review is aimed at modernizing credit union legislation to ensure members are protected and that the provincially regulated co-operative financial institutions are able to thrive.

Albanese, who is Parliamentary Assistant to the Minister of Finance, will lead stakeholder consultations and the review of the Credit Union and Caisses Populaires Act, 1994. The finance ministry plans to hold consultations around the province this fall to hear from credit unions and other interested parties.

"We are pleased that Finance Minister Sousa is committed to modernizing the legislation and ensuring that a sound framework is in place to regulate credit unions," said Don Wright, President & CEO of Central 1 Credit Union, which is the central financial facility and trade association for most Ontario credit unions.

There are 104 credit unions in Ontario with 1.4 million members and they operate in 190 communities, including 25 that have no other financial institutions.

"We think there are simple, cost-effective revisions that the government can introduce that will help credit unions to flourish in coming years," Wright said.

Today is International Credit Union Day and it is being celebrated by credit unions across Canada under the theme Local Service, Global Good.

About Central 1

Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Owned primarily by its member credit unions, 43 in B.C. and 86 in Ontario, Central 1 represents a consumer-oriented, full-service retail financial system that serves 3.3 million members and collectively holds more than $95 billion in assets.

With offices in Vancouver, Mississauga and Toronto, Central 1 provides liquidity management, direct banking and payment service solutions as well as a wide range of trade services. For more information, visit www.central1.com.