Finance committee  There was a discussion 10 years ago with the Proponent Group, a group of large cooperatives that would like there to be a federal model as proposed in Bill C-9. As well, we received a request for support from the Credit Union Central of Canada, which would like there to be a fede

Finance committee  We've had many conversations on this issue with various stakeholders. Some stakeholders feel very strongly that they do want to use the term “bank”; others feel very strongly that they do not. The legislation has provided for flexibility. The only criterion that is in legislati

Finance committee  I think there are a few answers to give. First, all these financial institutions exist today, as you explained. But some are under federal government responsibility, while others are under provincial responsibility. Now, we are creating a model that would give cooperative instit

Finance committee  No, a choice has to be made between federal regulation and provincial regulation. There has to be approval from the province to become a federal institution.

Finance committee  But many credit unions don't use either “bank” or “credit union” in their names. That too is allowed.

Finance committee  In recent years we have consulted the cooperative system concerning the development of the federal model. We have also had discussions with the Canadian Bankers Association and the Credit Union Central of Canada regarding this model and the key decisions that directly affect the

Finance committee  I had a discussion with Desjardins, for example, and also with other cooperatives throughout Canada, and with the Credit Union Central of Canada, after Bill C-9 was introduced. In general, their reaction was positive. The Canadian Cooperative Association is happy with the federal

Finance committee  In recent years, there are cooperatives that have become rather sizeable in their own provinces. They are, in a way, too big for their provinces, or in other words...

Finance committee  As I explained before, each institution can choose its own name. It can choose the word "bank" or the term "cooperative". One thing is clear, however. If the institution uses the word "cooperative", it has to add the word "federal" so there is a clear distinction between provinci

Finance committee  No idea.

Finance committee  I'm sorry; I'm not sure I understand which clause you're referring to.

Finance committee  Yes, that's right, thank you. The big credit unions are looking for a way to become more competitive across Canada and to offer services to their bigger clients that are currently doing business across Canada. So right now, if you're a large credit union, especially in B.C, Al

Finance committee  I would like to reply to one part of the question, and then I will ask my colleague to reply to the rest. First, I want to correct one of my comments. It isn't the cooperative system in general that is perfectly in support of every part of this bill.

Finance committee  Certainly there are stakeholders who want changes, a difference in the model, for example. But still, as a general rule, we have had very good response to this bill. That was on the first part. On the second question, I think Will can answer.

Finance committee  If there is a credit union that...