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Legislators

Credit Unions Urge Ottawa to Modernize Financial Rules

Strategic Insights

— 1 min read

Credit unions from across Canada are pushing the government to strengthen competition and expand consumer choice in the financial sector. Credit union leaders, including those from the Canadian Credit Union Association (CCUA), will meet with MPs, Senators, and senior government officials on Parliament Hill to advocate for two key policy reforms. These reforms aim to streamline the federal continuance process and amend the Competition Act to support credit union consolidation.

Key Takeaways:

  • The Canadian Credit Union Association (CCUA) and over 60 credit union leaders will meet with MPs, Senators, and government officials to advocate for two policy reforms.
  • The first reform aims to streamline the federal continuance process, making it more efficient and transparent for credit unions to transition from a provincial charter to a federal one.
  • The second reform seeks to amend the Competition Act to remove unnecessary duplication for credit union mergers, allowing them to achieve the scale needed to compete effectively with banks and fintechs.
  • These reforms align with the federal government's focus on increasing competition in key sectors, including banking, telecom, and retail.
  • The credit unions aim to level the playing field, giving Canadians more competitive financial options.
  • Credit unions hold $315 billion in assets and are leaders in small-business lending.

Statistics:

  • 169 credit unions and caisses populaires are part of the Canadian Credit Union Association (CCUA), excluding the Desjardins Group.
  • Credit unions have $315 billion in assets.
  • Over 60 credit union leaders will participate in the CCUA's annual Hike the Hill advocacy event on Parliament Hill.
  • The federal continuance process has become lengthy, complex, and costly, often taking six or more years.

Sources:

  • Canadian Credit Union Association (CCUA) - GLOBE NEWSWIRE, Oct. 21, 2025
  • Office of the Superintendent of Financial Institutions (OSFI)
  • Competition Bureau
  • Canadian Credit Union Association - communications@ccua.com

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