Federal government to review restrictions on banking terms for credit unions
Good news for credit unions.
The federal government will be reviewing the Bank Act restrictions around credit unions using common banking terms as part of the ongoing review of the federal financial services framework.
Kootenay Savings President and CEO Brent Tremblay says the review follows a decision in June, outlining interpretations of the Bank Act restrictions, which contemplated the possiblity of criminal charges and millions of dollars in fines against credit unions and other non-banks that use the banking terms.
Tremblay says changing their website, print and advertising would have cost upwards of $100, 000.
While the review will delay things, he's hoping it will be a permanent reprieve.
There was a lot of opposition to the possible change from credit unions and MP's from around the country.