Libro Credit Union celebrates new Credit Union Act
November 16, 2020
Major stories have dominated news headlines in recent weeks, from the U.S. election to the possibility of a COVID-19 vaccine.
But Libro Credit Union, along with other credit unions across Ontario, is celebrating a story that was under the radar but has the potential to make a massive difference to millions of people involved in the credit union movement.
When the Ontario government published its new budget on Thursday, November 5, it included a full modernization of the Credit Union and Caisses Populaires Act, which is the piece of legislation governing the sector.
The change, which is the first full revitalization of the Act since it was created in 1994, will help credit unions become more agile and competitive, and increase the products and services they can offer.
“Our act is 26 years old, pre-dates the internet, and was in need of an overhaul. This government listened, worked with our sector and was focused on ensuring that credit union members were supported through new legislation,” said Brent Furtney, Advocacy and Government Relations Manager.
“A new Credit Union Act will continue to allow our sector to grow and innovate within Ontario, while ensuring consumers who bank with a credit union are protected. Our mission to build up the communities we serve and drive prosperity for our members has been addressed today by the government.”
The changes in the new Act include:
- Credit unions will be able to offer property and casualty insurance in their branches
- Credit unions will be able to offer services to non-members
- There will be more flexibility instead of restricted rules, allowing expanded businesses
- A new Market Code of Conduct will be recognized in the legislation
Libro CEO Steve Bolton said: “We’re pleased and grateful to gain more flexibility in our business, because the opportunities it creates will be significant. As our business becomes stronger, it means we can have more of an impact on Libro Owners and communities across southwestern Ontario. Our goal is always to grow everyone’s prosperity.”
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Mike Donachie, Communications Manager, Libro Credit Union
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Libro Credit Union is a full-service financial institution serving more than 106,000 member-Owners through a network of digital service and 36 physical locations. As a certified B Corporation®, Libro invests 100 per cent of profits into the people, businesses and communities across southwestern Ontario. As a certified B Corporation®, Libro invests 100 per cent of profits into the people, businesses and communities across southwestern Ontario. To learn about becoming an Owner and what it means to bank with purpose, visit libro.ca.