News & Events

Email Print

B.C. credit unions welcome province’s move to reduce red tape

Disclosure rule change will improve service and reduce costs.

VANCOUVER — Central 1 Credit Union (Central 1) applauds the Government of British Columbia’s red tape reduction initiative. As a result of this announcement, disclosure statements for fixed-loan agreements, credit card and lease agreements are now permitted to be sent electronically.

“B.C. credit unions are very pleased that they can now send disclosure statements to members electronically,” said Don Wright, President and CEO of Central 1. “This regulatory change helps credit unions serve their members more quickly and efficiently and reduce costs and paper. It’s better for credit union members and for the environment.”

Amendments to the Disclosure of the Cost of Consumer Credit Regulation, under the Business Protection and Consumer Protection Act, permit credit grantors that are regulated under the Act, such as credit unions, to issue electronic disclosure statements for any fixed lending agreements, if the borrower, cardholder, or lessee consents in writing.  The changes take effect on March 1, 2017. 

The changes mean credit unions and other lenders will no longer be required to send paper statements, if members prefer to receive them electronically.  Consumers will still have the option to receive disclosure information on paper.  

The changes will:

  • Streamline business processes and increase efficiency for credit unions and other businesses providing financial lending services in B.C.
  • Provide consumers with more choice in how they access and receive credit disclosure information.
  • Decrease costs by reducing printing, mailing and recycling of paper statements.

The changes bring British Columbia’s disclosure rules for consumer credit in line with federally regulated financial institutions and other provinces.

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.3 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to almost 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $116.8 billion in assets. For more information, visit www.central1.com.

Contacts

Art Chamberlain
Media Relations Manager
Central 1 Credit Union
T 905.282.8534 or 1.800.661.6813 ext. 8534
E achamberlain@central1.com