Mr. Speaker, over the summer, the federal government quietly issued new regulations which decreed that credit unions are no longer allowed to use the words “bank”, “banker”, or “banking”. These terms have been part of the common vernacular for over a century. I have spoken to long-time credit union members who are irritated that the federal government can unilaterally make this change and waste millions of dollars. The administrative costs to the 300-plus credit unions across Canada to change and popularize other unknown terms and order new signs are estimated to be over $80 million.
In constituencies such as mine, the credit union is the only financial institution left in many rural communities. They are pillars in our communities and are one of the most philanthropic industries in the country. Instead of making business harder for these important institutions, we should be looking for ways to help ensure that credit unions can thrive and prosper.
I am calling upon all members of this House to work together to fix this calamity and restore some common sense.