This Just In! - News

Credit Unions – Ontario Moves to Help Strengthen

Biz X Magazine NEWS, CARHA,Windsor Essex Harvest Festival,Festivals and Events, Open Air Burning, Business Excellence Awards, Breaking Barriers,EDDIE FRANCIS, Staycation, TeslaCrypt Tourism Week, My Property Tax, Climate Change Action Plan, VIGIL, Pacifica Hybrid, Outstanding Business, WEARCI Seeks Mentors, Ontario Rent Increase, Assistance in Dying Legislation, Two Local High Schools, Enhance Canada Pension Plan, Social Enterprise, CANCER SCANNING, Medical Marijuana Prescription Service, Cider Available in Grocery Stores, basic income, Mega-hospital, PET/CT Scanner, Precision Diagnostic Imaging, Entry-Level Training, Ontario Autism Program, Summer Company, Property Tax Bills, Ontario Regulations,Child Support Payments, Travelling with Pets,Summit Creative Award, Workplace, JUNE 2016, Auto Insurance, ChangeTheWorld, oma, New Fire Hall, First Quarter, Insurance Changes, Cimpress to Create Jobs in Windsor, City of Windsor Vendor, Open Air Fire Ban, Urgent Home Repairs, Canadian Free Trade Agreement, HEPATITIS DAY, Online Shopping through LCBO.com, Retirement Security, Farmers Market Survey, Child Care Wait List, WIFF submission deadline, Canadian Food Producers, Ontario and Michigan are working together to drive growth and increase the competitiveness of the Great Lakes auto industry, Ontario First Quarter Finances, Where’s the Beef, Ontario150, Certified Site Program, Body of Work Fashion Show, Partner Facility Renewal, The Gordie, License Home Inspectors, For Peace Sake, Behavioural Supports Ontario, Emergency Rooms, Sun Parlour Folk Music Society, Driver Licence, WINDSOR TORNADO, Windsor Tornado Update, Gender Wage Gap,Services for Refugees, On A Mission for the Mission, living wage, Ontario Infrastructure, Student Renter, Zoomers, Coffee Break, Canadian Competitiveness Award, Libro Credit Union, Grocery Stores,Celebrate Ontario, Capping Salary, Full-Day Kindergarten, Electricity Costs, Jobs Available, Windsor Pizza Fest, suicide rates, Ontario to Improve Dementia Care, Ontario to Cut Red Tape, Drug Impaired Drivers, Ontario Increasing Minimum Wage from $11.25 to $11.40 on October 1, 2016 - the third consecutive year it has increased, Fire Prevention Week, Special Garbage Pickup in the Works, Lakeshore Rain, Celebrating Cultural Diversity Across Ontario, CMHA Windsor-Essex Supports Mental Illness Awareness Week, Ontario Making Hospital Parking More Affordable, Ontario Activates Disaster Recovery Assistance, Purse, Flood, Windsor, NDP leads the way in declaring Islamic Heritage Month this October, in Ontario, Update on Windsor Flooding Support Services, Dillon Consulting Limited marks 70th anniversary by focusing on mental health promotion, Ontario Adds 16,200 Jobs in September, Progress Being Made in Windsor Flood Material Pick-up, Windsor - Essex, South Korea Form Partnership, Windsor Essex, South Korea Form Partnership, Ontario Taking Action to Protect Clean Water, Ontario Recognizes Waste Reduction Week, Rotary Club of Windsor-St.Clair recipient of 150th Celebration Gardens, Today Ontario passed legislation that will rebate the provincial portion of the HST from electricity bills as of January 1, 2017, Ontario Providing Free Language Training for Immigrants,2016 National Philanthropy Day Award Recipients, Historic Electricity Trade Agreement, Bigg Wiggle Support of Mayor’s Youth Leadership Team, Wine Now Available On Grocery Store Shelves, Keep The Roads Safe for Trick-Or-Treaters - Be Alert and Follow the Rules of the Road this Halloween, Trade Deal Between Canada and EU, Ontario Energy Audits and Retrofits Program Cash,Ontario Building Schools in Windsor-Essex, Lakeshore Warns of Door to Door Salespersons, Protect Your Family From Carbon Monoxide, Unredeemed Cat Spay Neuter Vouchers Offered, Ontario Seeking Input on Basic Income Pilot, ESSEX COUNTY REAL ESTATE STATS OCT 2016, Random Act of Kindness Day, Ontario Adds 25,400 Jobs, $56,294 Raised at Rotary TV Auction, Student Debt Crisis in Ontario, South National Road Closure, Indigenous Relations and Reconciliation on Aboriginal Veterans Day, 15 Projects Receive ACHF Funding,Province Fights Speeding in School Zones, Land Transfer Tax, TWEPI Ontario Culinary Tourism Awards, Premier Wynne

Ontario Moving Forward with Recommendations to Strengthen Credit Unions

Proposed Changes will Support Small Businesses and Local Communities

Ontario is proposing changes that will help credit unions and caisses populaires remain competitive and better serve individuals, communities and businesses.

Minister of Finance Charles Sousa was in Hamilton today to accept a report prepared by Laura Albanese, Parliamentary Assistant to the Minister of Finance. The Credit Unions and Caisses Populaires Act, 1994: legislative review report contains fifteen recommendations that will protect consumers, align legislation with international best practices to mitigate risk and enable credit unions to meet the evolving needs of their members.

The recommended changes to the Credit Unions and Caisses Populaires Act include:

  • Changing the deposit insurance coverage limit to $250,000 (currently $100,000 for basic deposits and unlimited for deposits in registered accounts such as registered retirement savings plans and tax-free savings accounts)
  • Permitting credit unions to wholly own a wider spectrum of subsidiary businesses than currently permitted, such as insurance brokerages, so they can better compete with other financial institutions
  • working with credit unions to explore the role they can play in protecting and educating consumers of payday loans.

Strengthening credit unions while protecting consumers is part of the government’s plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in people’s talents and skills, making the largest investment in public infrastructure in the province’s history, creating a dynamic, supportive environment where business thrives and building a secure retirement savings plan.

 

Credit unions and caisses populaires provide valuable services that benefit their members, help grow the economy and create jobs. Implementing these recommendations would foster a more efficient and effective regulatory framework that better protects consumers and investors while improving the competitiveness of Ontario’s financial services sector. – Charles Sousa, Minister of Finance

 

Throughout the consultations I heard how credit unions and caisses populaires play a pivotal role in their communities. Many support small businesses and entrepreneurs that may not otherwise have qualified for credit with other financial institutions. Many are the sole financial institution in rural, remote and inner-city communities. These recommendations can help credit unions and caisses populaires better serve these communities in the years ahead. – Laura Albanese, Parliamentary Assistant to the Minister of Finance

 

  • Credit unions and caisses populaires are member-owned, deposit-taking institutions that provide loans and other financial services to their members. Caisses populaires focus their services on French-speaking communities.
  • With almost 1.6 million members, Ontario’s credit unions have provided $39 billion in loans to Ontario households and businesses as of the end of 2015.
  • Approximately 6,800 Ontarians are employed by these institutions.
  • Parliamentary Assistant Laura Albanese was appointed to lead the review and included consultations across the province to seek input from the public on ways to strengthen credit unions while protecting consumers.
  • Members of credit unions, including small businesses, rely on them for essential financial services, often as alternatives to banks or in small communities where banks do not operate.

Facebook Comments

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.