For Immediate Release
February 28, 2018
Libro Credit Union to keep saying ‘banking’ – thanks to Budget 2018
SOUTHWESTERN ONTARIO – Good sense has prevailed, and Libro Credit Union is sending thanks to the federal government and everyone who spoke up on behalf of credit unions being allowed to say they are in the “banking” business.
For much of 2017, credit unions including Libro advocated for a common-sense approach to language use after being told by federal regulators they would have to stop using the terms “bank”, “banker” and “banking”.
While Libro is proudly different as a customer-owned credit union and eager to state we are not a bank, it is undeniable credit unions are in the business of banking. As part of the Canadian Credit Union Association, we asked for a review of the Bank Act restrictions. 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.
Now the government has confirmed there will be a change in the regulations. This week’s federal budget includes a series of initiatives for “Strengthening and Modernizing Canada’s Financial Sector”. They include flexibility for credit unions to continue using the terms “bank” and “banking”, subject to disclosure.
Last year, credit unions began advocating for this change after being advised by the Office of the Superintendent of Financial Institutions that we should restrict our use of the common words. This could have cost the sector more than $80 million to adopt, so we are happy to have reached this successful conclusion with help from Libro Owners, political representatives and the wider public.
Tania Goodine, Libro Credit Union’s Executive Vice President Engagement, said: “I’m pleased to see the announcement in the Budget. So many Canadians, including credit union members, engaged in the conversation last summer. This is a practical outcome, not only for credit unions, but for consumers and the broader financial services industry.”
We would be happy to set up media interviews with Tania Goodine, EVP Engagement.
For further information, or to arrange an interview, please contact: Mike Donachie, Communications Manager, Libro Credit Union
P: 519-672-0130 ext. 4344, C: 226-926-4068, firstname.lastname@example.org
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About Libro Credit Union
Libro is southwestern Ontario’s largest credit union with more than 103,000 Owners across southwestern Ontario. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Recognized as a 2016, 2017 and 2018 Platinum Level Aon Best Employer in Canada, Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada. For more information, visit libro.ca/media.