What's Next for the Canadian Credit Union System? Terry Enns, First West Director, Highlights Three Trends That Will Shape the Industry

SURREY, BRITISH COLUMBIA--(Marketwire - June 8, 2011) - Terry Enns, First West director and former chair has spent 31 years on credit union boards including 17 consecutive years as chair with First Heritage, Envision and First West credit unions. He recently opted not to stand for re-election as chair so he can focus more attention on strengthening the credit union system across Canada. This includes serving as Central 1's vice-chair, working towards changes to credit union legislation at a provincial and federal level. So what's next for the Canadian credit union system according to Enns?

Here are the top three factors Enns views as key to the long-term sustainability and success of the Canadian credit union system:

1. A single credit union Central to serve credit unions in British Columbia, Ontario, Atlantic Canada and the Prairie provinces. "Centrals play a vital role for Canadian credit unions in an industry that is constantly undergoing change," says Enns. "Yet, the industry is fragmented with provincial Centrals providing operational and technical support in their regions alongside a national trade association that acts as an advocate for the industry as a whole. The Canadian credit union system will certainly gain greater efficiencies, thought-leadership and innovation, better decision making and enhanced service by having one Central representing it in its entirety."

2. Credit unions return to their local roots to support their members' financial and lifestyle needs. According to Enns, "Over the last 10 to 15 years of credit union mergers and consolidation, financial decisions have moved from the local branch to centralized head offices—often miles away." Enns believes that members want a return to decisions on their financial future being made at the local level by the person sitting across the desk or, at most, the branch manager. "Today's consumer wants fast, friendly responses based on their personal situations and needs," says Enns. "This is what credit unions were known for—it's in our roots." He adds that the current disconnect will stimulate the following question by credit union boards: In our pursuit to gain economies of scale, have we transformed in such a way that we are no longer best serving the needs of our members?

3. Credit unions forming strategic partnerships with one another. "Credit unions are collaborative by nature," says Enns. "From technology and banking systems to human resources practices and risk management, credit unions have a history of working together to deliver innovative services to members and this will only intensify." He points to an example close to home. Under his leadership, First West Credit Union has adopted a multi-brand model that enables its local credit unions to stay relevant in their communities while tapping into the strength and resources of a financially strong parent company. "Partnerships like First West allow credit unions to work big while still working local," explains Enns. "The financial results and member satisfaction scores prove that it works—for the members and for the bottom line."

Enns' involvement within the credit union system dates back to 1980 when he first served as director at Clearbrook Credit Union. Since then, Enns has held numerous positions on credit union boards and has become a highly sought-after expert in the credit union field. In addition to his responsibilities at First West, Enns is the vice-chair of Central1 Credit Union, a director of the Cumis Group, a recent member of the Central1 Governance Review Task Force and a delegate to the Co-operators Group.

About First West Credit Union

First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. First West is British Columbia's third-largest credit union with $6.2 billion in assets under administration, 167,000 members and 1,300 employees. It operates 37 branches throughout the province under the Envision Financial and Valley First brands. For more information on First West Credit Union, visit firstwestcu.ca.