Amendments needed to the Bank Act
In last week’s report I raised the fact that Ottawa is soon to restrict Credit Unions from using terms like “bank, banker, and banking”. The reaction I heard from citizens was one of overwhelming opposition and in many cases bewilderment. I should also add that the sheer number of responses I heard was also very significant. Clearly this is an issue that many in our region have strong feelings about.
What can be done about it?
The legislation that allows Ottawa to restrict Credit Unions from using these words is contained in the Bank Act. I am currently in the process of drafting a Private Members Bill to amend the Bank Act that will remove these language restrictions and allow Credit Unions to continue to successfully operate as they have for many decades now. Unfortunately the order that Private Members Bills can be debated in the House of Commons are decided by a lottery style draw that does now allow this Bill to presented in a timely manner.
In the interim a local citizen is in the process of having an online petition approved by the House of Commons that citizens can sign online.
If there is strong support for this petition I am hopeful that the Liberal Government will either amend the Bank Act to remove this attack on Credit Unions or at a minimum intervene and ask that the Office of the Superintendent of Financial Institutions review this enforcement decision.
Almost without exception I have not heard any support at all for restricting Credit Unions from using terms like bank, banker or banking. As one citizen observed – will food banks be targeted by Ottawa next?
My question this week – would you support my Private Members Bill to amend the Bank Act and by extension would you be willing to sign an online petition opposing this attack on our Credit Unions? I can be reached at Dan.Albas@parl.gc.ca or call toll free 1800-665-8711.
Dan Albas is Member of Parliament for Central Okanagan Similkameen Nicola and member of the Conservative cacus. This column appears weekly.