A local credit union is praising the Federal Government for putting restrictions on common banking terms on hold.
The Trudeau government recently announced they would review restrictions that would prevented credit unions from using terms like bank, banker or banking.
Kootenay Savings Credit Union President Brent Tremblay says they’ve been very vocal about the issue, hoping to prevent significant expenses being transferred to local branches.
“I think this is the absolute right time,” Tremblay says. “It was going to be a very costly undertaking for the Credit Union system across Canada. We’re real pleased that the Federal government appears to be taking a common sense approach to this.”
Tremblay says they will continue to put pressure on local politicians regarding the issue.
“There certainly will be a lobby to the Federal government on the part of the credit union system,” Tremblay says. “We’re real thankful to our local MPs. We know they are very much onside and supportive of the credit unions. I’m sure they will continue to voice their concerns with that original interpretation.”
KSCU has branches locally in Kimberley, Radium and Invermere.
Tremblay says the credit union could lose over 100 thousand dollars if restrictions go through.
– Kootenay Savings Credit Union President and CEO, Brent Tremblay
– Jeff Johnson