(WINNIPEG, February 28, 2018) – Credit Union Central of Manitoba (CUCM) welcomes the federal government’s decision on banking terminology for credit unions. This decision provides flexibility for Manitoba credit unions to continue using the terms ‘bank’ and ‘banking’ in serving their members.
Along with other credit unions across Canada, last year CUCM and Manitoba credit unions asked the federal government to review restrictions in The Bank Act on the ‘banking’ terminology. Credit unions have always used terms like ‘bank’ and ‘banking’ while serving members, all the while proudly disclosing that they are credit unions and not banks.
Canadians use these terms in dealing with deposit-taking institutions like a bank or a credit union and we need to speak a language Canadians use and understand.
“We are happy with this decision by the Finance Minister,” said CUCM CEO Garth Manness. “This decision helps clarify the ambiguity in the Bank Act concerning credit unions and banking terminology, and for that we would like to thank Minister Bill Morneau and the team at the Department of Finance.”
Manness also acknowledged the advocacy efforts of MPs from all parties and the All Party Credit Union Caucus, a body formed last spring to facilitate communication between legislators and credit unions.
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CUCM Media Contact
John Hamilton, Manager, Knowledge Services & Communication
204-985-4785 | 204-223-1976 | firstname.lastname@example.org
CUCM is the trade association and service provider for the province’s 31 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act. CUCM manages liquidity reserves, monitors credit granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R & D, business consulting and legal services to credit unions. Manitoba credit unions jointly own CUCM and representatives from six credit union peer groups sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.