Modernizing The Credit Unions and Caisses Populaires Act
WINNIPEG, MB (June 4, 2024) — Bill 15, the Credit Unions and Caisses Populaires Amendment Act, has received royal assent. During a late-night sitting on Monday, June 3, 2024, the bill passed with broad support from all parties.
The rapid pace of change facing the financial services sector generated a requirement for significant revisions to the governing legislation. Credit Union Central of Manitoba (CUCM) worked extensively with credit unions and Caisse Financial Group on the proposed amendments. CUCM also collaborated with officials in the Ministry of Finance on the legislative package.
“Thank you to Finance Minister Adrien Sala and the provincial government for making this legislation a priority. It will help equip credit unions and Caisse Financial Group with important measures to better serve their local communities and their more than 730,000 members,” said Curtis Wennberg, Chief Executive Officer of CUCM.
With more than $43 billion in assets, Manitoba’s credit unions and Caisse Financial Group are dynamic financial institutions operating in all regions of the province. As co-operatives, they are owned and governed by their members and direct profits back to the members and communities they serve. They do this through financial services and advice, highly competitive pricing, and wide-ranging community impact investments.
"These amendments to the Act are necessary to modernize governance practices, while maintaining the values of co-operative democracy which are so important to credit union members,” Wennberg added. “Along with other key stakeholders, we look forward to future engagement with government officials as the regulations for this legislation are developed.”
The amended legislation aims to improve safety for credit union members and staff, enhance credit union competitiveness and better position credit unions to serve their members and communities.
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About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for Manitoba’s credit unions. CUCM advocates on behalf of its members on sector priorities, manages liquidity reserves, monitors credit granting procedures, and provides support in multiple areas including system governance. CUCM also provides services to its members in the areas of treasury, credit adjudication, human resources, compliance, strategic consulting, and more. Manitoba credit unions jointly own CUCM and representatives sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
Media contact:
Jim Harris, Manager, Strategic Communications