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Finance committee  It depends on, one, how the regulation is written, and two, how credit unions go about their own affairs, but absolutely it's in their interest to make this information available to all their members, whether or not they have access to electronic means of communication. What I would argue for is an opt-in option so that if you as a credit union member want to have that paper statement delivered to you, by all means, make the request.

May 14th, 2019Committee meeting

Michael Hatch

Finance committee  The percentage is quite low—two out of 250, in terms of actual institutions. But it tends to be the larger credit unions that go federal, so in terms of their share of the asset base of our system as a whole, it's much higher than two out of 250, which is less than 1%. It's the larger credit unions that tend to go federal, because once you outgrow your province of origin as a credit union, the only option if you want to expand beyond your borders is to go federal.

May 14th, 2019Committee meeting

Michael Hatch

Finance committee  That's right. Thank you for the question and thank you for your leadership on the all-party credit union caucus. It's been a really instrumental piece of the puzzle, along with Mr. Albas from the Conservatives and Mr. Julian co-chairing that group. Yes, to answer your question, these provisions directly apply to only federal credit unions.

May 14th, 2019Committee meeting

Michael Hatch

Finance committee  Thank you, Mr. Chair. I want to thank the committee members for giving me the opportunity to speak this morning. My name is Michael Hatch, as the chairman mentioned, and I am the Associate Vice-President for Financial Sector Policy with the Canadian Credit Union Association. Try saying that five times fast.

May 14th, 2019Committee meeting

Michael Hatch