moved for leave to introduce Bill C-455, An Act to amend the Competition Act and the Bank Act (reduction of administrative burden—credit unions).
Mr. Speaker, as always, it is an honour to rise on behalf of the good people of Central Okanagan—Similkameen—Nicola who, coincidentally, every time I stand to talk about the credit union movement in this country, are very happy with that.
As they know, Canadians benefit from a strong, competitive and vibrant financial sector. Currently, we have a challenge where federally regulated credit unions are subject to both federal and provincial regulations. This situation creates regulatory duplicity in having a second layer of often redundant administrative burden to comply with. In fact, as credit unions seek to merge and grow to better serve their members, it actually acts as an extremely costly disincentive to do so. There are also provisions in the Bank Act that create unique challenges for financial institutions that use a co-operative structure versus those of a bank. That is why the credit unions themselves, along with the Canadian Credit Union Association, have asked for many of these changes.
It is a great honour, on behalf of Canadian credit unions, to present this bill to support these requested changes, and I thank the member for Provencher, who is a small business owner and also served on a credit union in his area. We both know the value that credit unions bring to this great country, and we would ask for all members in this place to support this legislation and bills like it.
(Motions deemed adopted, bill read the first time and printed)