Federal Credit Union Caucus Formed
Canada's Credit Unions Applaud Formation of Federal All-Party Credit Union Caucus
OTTAWA, ON--(Marketwired - April 12, 2017) - A new all-party caucus that will improve communication between parliamentarians and the credit unions that provide financial services in their ridings, is being welcomed enthusiastically by Canadian Credit Union Association (CCUA) and the country's financial co-operatives.
Government and opposition MPs agreed to form a caucus that will work across party lines to increase awareness of the important work that credit unions and caisses populaires do as unique players in the financial services industry. The caucus will hear from representatives of financial co-operatives and serve as a collaborative forum for MPs and Senators to work with the sector to find innovative ways to achieve economic growth and address community concerns and challenges.
"We are encouraged by the real interest among MPs to work closer with credit unions and with each other to better understand how our co-operative structure leads to good public policy outcomes for their constituents," said Martha Durdin, president and CEO, CCUA. "We see this approach at work every day in strong support for small businesses and in tackling issues like financial literacy."
The founding members of the caucus are MPs Francesco Sorbara (Vaughan-Woodbridge, Liberal), Dan Albas (Central Okanagan-Similkameen-Nicola, Conservative), Alexandre Boulerice (Rosemont -- La Petite-Patrie, New Democrat) and Elizabeth May (Saanich -- Gulf Islands, Green). The MPs have received early support from BC-based First West Credit Union, CCUA and the Desjardins Group of caisses populaires.
"First West is genuinely pleased to see MPs and Senators come together in the all-party credit union caucus to better understand and explore issues facing today's financial co-operatives," said Launi Skinner, CEO of First West Credit Union. "Credit unions and caisses populaires have for more than 100 years elevated the economic and social well-being of communities across Canada."
While similar all-party groups have been created for other sectors, this is believed to be the first such caucus dedicated exclusively to credit unions at the federal level. The founding meeting of the caucus took place on Tuesday. A future meeting is being planned.
About Canadian Credit Union Association (CCUA)
Canadian Credit Union Association is the national trade association for Canada's credit unions and caisses populaires outside Quebec. These financial institutions offer a full-range of retail banking services to almost 5.6 million Canadians. Collectively Canada's 281 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of over $202.5 billion.
Province Defers Tax Increase on Credit Unions Through 2017
Revelstoke Credit Union welcomes province’s decision to defer a tax increase
Revelstoke Credit Union is pleased that the Government of British Columbia has decided to retain the current tax rate on credit unions, while consulting further on the matter.
The deferral will enable the province to consider the impact of the tax increase within the context of its ongoing review of the two main pieces of legislation governing the credit union sector.
“We are pleased by this decision,” said Roberta Bobicki, CEO of Revelstoke Credit Union. “This means we will have more money to lend to our members and support local businesses and home owners.”
A competitive tax environment allows credit unions to reinvest in a diverse provincial economy by providing more financial support for community projects; and making more local lending decisions to help small businesses and individuals.
The province had planned to phase out a small business tax rate on credit unions and increase it incrementally over the next four years. The lower tax rate was put in place in recognition of the fact that credit unions, as B.C.’s cooperatively-owned financial sector, are in a unique position to reinvest capital back into the provincial economy, as well as support initiatives in local communities. For the past three years B.C. credit unions have been advocating for a continuation of the existing tax rate.
“We look forward to meeting with the government to explain our position and help develop regulations and legislation that will allow us to grow,” said Roberta Bobicki, CEO of Revelstoke Credit Union.
About Revelstoke Credit Union
With 4500 members, and $175 million in assets, Revelstoke Credit Union has contributed almost $6 million of profit directly back to its Members and the Community over the past 17 years.
Roberta Bobicki, CEO
Revelstoke Credit Union
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