Currently five provincial centrals in Canada are dually regulated by OSFI and the federal institutions of the centrals. The implications of adjusting to such a significant departure from past practice will take some time to understand and to respond to.
I think I'll just go straight to my conclusion, seeing as I'm over the time.
Bill C-43 is proposing changes to the system framework that governs parts of the system and we're looking for time to prepare for and implement the transition envisioned by the federal government. To that end we request that this committee when it reports on Bill C-43 include a recommendation that the federal government ensures that credit union stakeholders have the time to prepare for the transition to an exclusively provincial regulatory regime, and that the transition timetable be dictated by the requirements of the smooth transition.
Thank you.