Thank you, David.
Mr. Chair, ladies and gentlemen of the committee, thank you for the opportunity to speak to you today on behalf of the Case for Progress committee. I'm pleased to have the opportunity to offer comments to the members of the House of Commons finance committee regarding part 17 of Bill C-9, which proposes to amend the Bank Act to allow for the establishment of federal credit unions.
Formed in 2006, the Case for Progress committee has been a strong advocate for federal legislation to enable credit unions to expand beyond their provincial boundaries. The committee is comprised of large credit unions interested in developing a national presence, mid-sized credit unions focused on becoming regional financial services providers, and small affinity-based credit unions wanting to serve members of their communities wherever they are located in Canada.
Coast Capital Savings is one of the founding and largest members on the Case for Progress committee, but the diversity of the committee underscores how the option of becoming a federal credit union could appeal to any credit union in the system. The Case for Progress committee applauds the government's decision to allow for the creation of federal credit unions through amendments to the Bank Act, as outlined in Bill C-9. The proposed legislation is a historic milestone that will enhance the strength and stability of the credit union sector and financial services industry as a whole.
The proposed legislation recognizes the hallmarks of a credit union and provides an attractive option for those credit unions interested in expanding outside their province of origin under one national regulatory authority. It will give credit unions the chance to develop greater economies of scale and more competitive cost bases while remaining true to cooperative principles. This, in turn, will allow the development of a wider range of enhanced products and services that credit union members now expect.
Increased competition from federal credit unions will provide Canadian consumers more choice, drive innovation, and lower prices. The charitable sector will also benefit, as credit unions have a proud history of significant involvement and philanthropic investment in the communities where they operate.
While the Case for Progress committee supports the federal credit union charter, we have a concern with regard to a provision dealing with access to membership lists.