Finance committee  First, there are... Every credit union membership would have to make a decision that they wanted to convert from provincial to federal jurisdiction, whether that credit union is in British Columbia, Alberta, or Quebec. It would have to be the membership of the credit union first

Finance committee  We haven't done estimates of that. Yes, a number of cooperatives are interested in the proposal. They have spent resources to monitor the issue. The Proponent Group covers most of the largest cooperatives throughout Canada. There are 11 or 12 credit unions in the group. But othe

Finance committee  It is legislation that relates to the supervision and regulation of the financial institution. Each institution has to follow the laws, the labour laws, in general.

Finance committee  There is now a choice for other types of financial institutions that come under provincial or federal jurisdiction. For example, insurance companies can have...

Finance committee  That's right. So each insurance company can be taken in as a provincial institution. It is possible for the institution to change system and change jurisdiction, to become a federal institution, for example. This proposal is more or less equivalent to installing a door between th

Finance committee  I don't know. It depends...

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...

Finance committee  ...that follows the regulations under Bill C-9, that is registered as a federal institution, then certainly that financial institution might have activities in Manitoba, for example.

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  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