Federal Credit Union Update – compliments of the Honourable Mauril Bélanger, M.P. for Ottawa—Vanier Liberal Advocate for Co-operatives

Dear Friends,

 

Last week I had the opportunity of meeting representatives of some British Columbia Credit Unions. The reception was hosted by Ms. Angela Kaiser, Chair of the Board of Prospera and held at the Central 1 Credit Union Headquarters in Vancouver.

 

Also represented were Vancity, Westminster Savings, CCEC Credit Union, Mount Lehman Credit Union, First West and Coast Capital Savings and Central 1 Credit Union.

 

Our exchange touched upon:

 

- Changes to federal laws contained in the latest omnibus legislation C-43 Economic Action Plan 2014 Act, No. 2. (See here a short text from the Library of Parliament on the matter: http://mauril.us8.list-manage.com/track/click?u=b41718098e627e170c31ea981&id=4e286db529&e=e33e7b6fd6 );

 

- The potential impact on credit unions of the “bail-in” consultation currently undertaken by the Department of Finance.

 

      Department of Finance’s consultation paper: http://mauril.us8.list-manage.com/track/click?u=b41718098e627e170c31ea981&id=a3ac8eca9b&e=e33e7b6fd6

 

      Credit Union Central of Canada(CUCC)’s submission to the Department of Finance:

http://mauril.us8.list-manage1.com/track/click?u=b41718098e627e170c31ea981&id=5ae786b005&e=e33e7b6fd6

 

- The benefit of and desire for greater co-operation among credit unions and credit union centrals as discussed by representatives of all credit union centrals during a meeting convened by David McLean, past president of CUCC during the 2nd International Summit of Co-operatives in Québec during the first week of October.

 

- The positive impact of the presentation to 28 Parliamentarians (26 MPs and 2 Senators) of the All-Party Co-operative Caucus on September 24th by the Ms. Monique Leroux, Chair of the Board, President and Chief Executive Officer of Desjardins Group and Ms. Martha Durdin, new President and Chief Executive Officer (CEO) of the CUCC, including the sector’s proposal for the 2015 Federal Budget, the Capital Tax Credit.

 

      When sharing the sector’s proposal, Ms. Durdin explained that it could stimulate growth in the credit union sector.  Afterwards, while responding to a question regarding the sector’s Capital Tax Credit proposal to the federal government, Ms. Leroux reiterated that all credit unions and caisses need to be on a level playing field and that most regulations are designed to fit the “corporate model”. On the same subject, Ms. Durdin explained that the 5% figure for the Capital Tax Credit proposal represents roughly the gap between the corporate tax rate and the small business tax rate.

§     Here is a link to a document by CUCC explaining the sector’s proposal : http://mauril.us8.list-manage.com/track/click?u=b41718098e627e170c31ea981&id=8c69538b16&e=e33e7b6fd6

 

- The likely emergence of virtual co-op bank in the near future; and

 

- The need and advantages of better informed and larger membership base.

I will continue to keep you informed of my other co-op related activities.

Regards,

Mauril

Honourable Mauril Bélanger, M.P. for Ottawa—Vanier Liberal Advocate for Co-operatives

 

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