Mr. Speaker, I rise today on Credit Union Day to pay tribute to Canada's credit union system.
The great distinction of credit unions in Canada is that they are owned by their members. Accordingly, credit union services are determined by the needs of all their members rather than those of profit driven shareholders.
Credit unions serve and help communities drive their own economic growth. They have a proud history of introducing innovative services like life insured loans and weekly versus monthly payments, both great benefits to their members.
Today in Canada there are 572 credit unions with close to 1,800 locations serving more than 4.6 million people. They manage assets in excess of $74 billion. Including the caisses populaires in Quebec, one in three Canadians is a credit union member.
I extend congratulations to all credit unions, a vital component of Canada's economic and social life.