Right—these were practices that were always established at Vancity and were entrenched in the way we do business because it's the right way to do business long term.
Even with CMHC rules around securitization, just to give you some information, Vancity has participated in securitization for funding in the past. We've always had the rule where any time our members got into delinquency, we bought back those mortgages voluntarily. We've always practised that because we believe that the fundamental relationship with a member is our commitment to the member and we don't use financial markets to let go of that risk.
So the way we do business, we believe, has always shown that it's relevant. We think it is the future. It will happen through regulations because banks have a shareholder-driven model versus a community-driven model, as stakeholders, and that's going to be the consistent rub. That's why we believe that the regulations in particular have to acknowledge the differences in the business model and be tailored to support and strengthen cooperatives because of their unique governance—they're mission-based—and their business model differences.
But we work side by side with banks. It's not about one or the other. We think that together it makes a healthy financial system; we just need to make sure we understand the direction and practices going forward. I believe that Canada and the world need more value-based sustainable banking models to protect us financially through other future crises.