Ottawa, July 5, 2012
The Honourable Jim Flaherty, Minister of Finance, today welcomed proposed regulatory changes that will establish a legal framework for providing credit unions the option to be incorporated and regulated at the federal level.
In Budget 2010, the Harper Government announced the creation of a federal option for credit unions and introduced related legislation. After extensive consultations with credit unions, the proposed regulations will bring this framework into force. This will enable credit unions that choose federal incorporation to operate more seamlessly across provincial borders and to benefit from oversight by the Office of the Superintendent of Financial Institutions. This builds on the Harper Government’s track record of helping consumers.
“Credit unions are used by millions of Canadians for financial services similar to those offered by large banks,” said Minister Flaherty. “The proposed regulations will give credit unions the flexibility they require to grow beyond their provincial borders and benefit from Canada’s world-leading federal regulatory framework and oversight.”
“Allowing credit unions to operate nationally will give consumers greater financial choice and spread the benefits of federal regulation to more Canadians. As a result of these changes, credit unions will be able to improve the services they offer,” added Minister Flaherty.
These regulations will be available online in the Canada Gazette on July 6, 2012 for a 30-day comment period. Contact information for forwarding comments is provided with the proposed regulations.
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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