Thank you, and good morning to everyone. Thank you all for being here today.
I'd like to start with the two representatives of the credit unions. Both of you have drawn a picture of the credit union sector being significantly different from the banks—in their size and community reach, in community support and investment, and in the fact that they are not for profit and owned by their members.
Mr. Phillips, you pointed out that the six largest banks made $30 billion last year in profits. If the profits of credit unions are just 3% of that, I can't imagine that the banks feel threatened by the credit union sector. When you were consulted by the federal government about these changes prior to the budget being brought in, what was the rationale of the government and your response?