REVIEW TARGETS BANKING TERMS
The federal government says it is reviewing whether credit unions should be allowed to use the terms “banks,” “banker” and “banking” after the federal regulator that oversees financial institutions ordered them not to. In late June, the Office of the Superintendent of Financial Institutions issued an advisory prohibiting credit unions from using the terms to describe their services. The Canadian Credit Union Association called the move unfair, saying it would make it tough for credit unions to compete with banks. The Finance Department said Friday it is seeking views on whether credit unions should be allowed to use “banking” and similar language when describing their services while still avoiding confusion. CCUA president Martha Durdin applauded the announcement, saying credit unions need to speak to customers they serve in a way they can understand.