Press Releases

RCU is committed to Revelstoke's Youth

Eleven Revelstoke Secondary School students participate in YES Camp this summer courtesy of RCU!

Read the Yes Camp Press Release.

OSFI to enforce restrictions on the use of term "bank"

Revelstoke, B.C. (July 11, 2017) - Revelstoke Credit Union will be faced with some changes to the way it describes some of the services it offers.  A recent decision to change the way the Bank Act is interpreted has the potential to cost Credit Unions across Canada millions of dollars.  The Office of the Superintendent of Financial Institutions (OSFI), issued an advisory on June 30 limiting financial institutions other than those governed by the Bank Act to use the wording "bank", " banking", and "banker".  The restriction has long been in the Bank Act but never enforced, as the verb is commonly used by most people to describe their general financial activities.  The Canadian Bankers Association has lobbied OSFI to begin enforcing these restrictions with fines and legal action against financial institutions other than banks which are not compliant.  A timeline has been established for the removal of the word 'bank' from websites, documents and signage which begins at the end of this year.

Revelstoke Credit Union has already been in discussion with MP Wayne Stetski to deliver a message to the Finance Minister that seeks to have the Bank Act changed, removing the restrictions on a common verb.  The Canadian Credit Union Association, CCUA is encouraging Credit Union leadership across the country to do the same.  CCUA president Martha Durbin states that it is a case of "regulation versus common sense" in an interview with The Globe and Mail from July 2nd, 2017. 

Credit Unions are in the business of banking, but with regulation coming at the provincial level.  In B.C., the Financial Institutions Commission (FICOM) regulates the same financial services as federally chartered banks, offering even higher deposit protection.


"Member's Interests First" and "Exceptional Service", the Culture at RCU

In response to the recent media coverage about "hard sell & up sell" practices in the financial world I would like to speak to the culture at Revelstoke Credit Union.

The concept of a "Sales Culture" has been around for a very long time. It is not something that our Board of Directors or I have embraced as the business model for our organization.  We instead focus on providing exceptional service.

No employee at Revelstoke Credit Union is given sales targets nor measured by the results they produce. We conduct an annual Employee Engagement Survey and the satisfaction ratio hovers around 80% each year.  Also, no employee of Revelstoke Credit Union is paid by commission.  We feel this has the potential to promote behavior that is contrary to our principle of "what is best for the Member".

As a financial institution we have the responsibility of giving sound advice to our Members. For example if a young couple with small children purchases a home and takes on a mortgage, it is essential that we recommend that they obtain Life Insurance to protect their family. Or if a Member has a large balance in a non-interest bearing chequing account, we may recommend an account that will provide them a return on their money.  This practice is solely for the Member's benefit as it moves money from an account that was costing us nothing to one that bears an interest expense to the Credit Union.  There is no personal gain to the employee for offering products or services where they recognize a need.

Revelstoke Credit Union has never sought or produced exorbitant profits. Since 2007 with the decline in interest rates our profits have in fact reduced by almost half. In spite of that we perform very well in the eyes of our Auditors and Regulator.  We have also been able to fund the Member Rewards and Community Giving Programs every year.  The Board accepted that this lesser return would be the case until the spread between deposit and loan rates increased again.  The majority of our net income is produced by the difference between interest earned on loans and paid on deposits.

Our strategy is to increase the number of people who choose to do business at Revelstoke Credit Union. To assist in that, we created the position of Community Liaison last year to get the Credit Union cooperative message out to those who would find value in personal service, the sharing of profit and the support we provide in the community.

We are an independent, locally owned Credit Union. Revelstoke Credit Union has stayed true to our cooperative values.

 

Roberta Bobicki, CEO
Revelstoke Credit Union


Federal Credit Union Caucus Formed

Canada's Credit Unions Applaud Formation of Federal All-Party Credit Union Caucus

Marketwired - April 12, 2017


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
250.837.6291


For More Information please contact,
Erin Russell, Administrative Assistant:
erin.russell@revcu.com


 

Community News

 

Keep up to date on what's happening at Revelstoke Credit Union through our press releases, and media information.

 

February 12, 2015 RCU and Living Wage Certification