Toronto, ON, April 11, 2019 (GLOBE NEWSWIRE) -- Ontario credit unions welcome 2019 Provincial Budget
“Credit unions are pleased that the government is delivering on its commitment to expeditiously reduce regulatory burden and red tape” says Nick Best, Director of Government Relations for Ontario at the Canadian Credit Union Association. “Minister Fedeli has heard our sector’s concerns and is taking long overdue measures to help credit unions create jobs and support positive financial outcomes for Ontarians.”
With new, modern legislation, credit unions will be able to help more families buy their first home and small businesses get the capital they need to expand. Modernizing the Credit Union and Caisses Populaires Act, 1994 is long overdue. The Act was passed in 1994, before the internet was prevalent, and hasn’t undergone a comprehensive review since. Many of its provisions are out of date and limit the opportunities for credit unions to expand and serve their members.
"We look forward to continuing to work with the government to create a new modern legislative framework."
Ontario’s credit unions and caisses populaires serve 1.6 million members and nearly 150,000 small businesses.
About Canadian Credit Union Association
Canadian Credit Union Association is the national trade association for Canada’s credit unions and caisses populaires outside Quebec. These financial institutions offer a full-range of retail banking services to over 5.7 million Canadians. Collectively Canada’s 252 credit unions generate over $6.5 billion in economic impact, are leaders in small business lending, and have assets of over $225 billion. To learn more about the credit union difference and find a credit union near you, visit www.ccua.com.