Supporting Credit Union Success
Since its inception, the Canadian credit union system has grown and evolved in response to the changing needs of Canadians and the changing regulatory and competitive landscapes. As a system, we have an opportunity to begin shaping a future state for the 2nd Tier that is designed to meet the needs of our organizations, and ultimately our members.
In March, Central 1 circulated a discussion paper on the future state of the credit union support system – centrals and other second tier cooperatives - which was distributed as a catalyst to start the process. During consultation on the first paper through the spring, you gave us your perspectives on the issues and the trade-offs that need to be dealt with if we are to move forward successfully.
Your feedback created the pillars of the new discussion paper, If not now, when? It recognizes the requirements of credit unions, and also sets out some of the challenges that will need to be addressed as we move forward from theory into implementation into the future of a newly imagined second tier.
As we all know, the pressures on the credit union business model have intensified in recent years. We recognize that the status quo is not sustainable – that we need to be prepared to do things differently if we are to maintain and enhance our contributions to Canadians’ financial well-being.
We encourage you to read this discussion paper, to share it with your colleagues in the credit union system, and to participate in discussion and debate. Ahead of us we face a time of what may be enormous change, but for great benefit, and each of us should contribute to the vision of the future.
Your feedback and participation is appreciated and welcomed. If you’d like to join in the discussion, please contact Member & External Communications.