Thank you, Mr. Chair, and thank you to all of our witnesses for being here today.
I'm going to start with Mr. Hatch at the Canadian Credit Union Association.
Mr. Hatch, although Bill C-5 doesn't seem to address the issue you're talking about, maybe we can briefly mention the transition rules that were first brought in under the Harper government. Jim Flaherty introduced them. It really was looked at as a potential game-changer for many small credit unions that could link together, create their back office as one and be able to have a wider footprint, but I would imagine that for some credit unions, it's like flying across the country and then being asked to do a holding pattern at the destination, like over Pearson, where they're circling and circling and circling.
Maybe you could explain the costs that go along with being under the federal rules, under the Office of the Superintendent of Financial Institutions, and the provincial regulator at the same time and why that is such a difficult situation for a credit union if it goes on for an indefinite amount of time.