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Ontario credit unions welcome changes announced in the 2016 Ontario economic outlook and fiscal review

TORONTO, Ontario — The Ontario government has announced proposed changes to the Credit Unions and Caisses Populaires Act (CUCPA) that will help to strengthen the credit union sector and help credit unions meet the evolving needs of their members.

The proposed amendments include an increase to deposit insurance limits for non-registered deposits from $100,000 to $250,000, allowing credit unions to establish or acquire a corporation that is an insurance agent or broker and permitting credit unions to enter loan syndication agreements with credit unions in other provinces.

“These changes are encouraging to credit unions. It’s reassuring to know that the Ontario government supports a robust financial services sector and is willing to work with credit unions so they are able to meet the needs of their members,” said Don Wright, President & CEO, Central 1 Credit Union. “Central 1 welcomes the proposed changes and is looking forward to working with the government on the next steps of implementation.”

The economic outlook and fiscal review referred to the government’s commitment to continuing to work with credit unions to enhance consumer protection in Ontario. The government plans on addressing legislative barriers that prevent credit unions from offering low-cost alternatives to payday loans and partnering with credit unions to reduce cheque cashing costs of government payments.

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $15.7 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 72 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 $112 billion in assets. For more information, visit www.central1.com.

Contact

Heather Merry
Member & External Communications Manager
Central 1 Credit Union
T 1.800.661.6813 ext. 5907
E hmerry@central1.com