Government Introduces Amendments to the Credit Union Act

first_imgChanges to the Credit Union Act will create an Atlantic Credit Union Central to help credit unions to continue to grow and support Nova Scotia’s economy. “The amendments being introduced today are not simply technical,” said Graham Steele, Minister of Finance. “This changes the credit union system in order to provide member credit unions in the Atlantic region with the benefits of a larger, more diverse and more cost-effective trade association.” The goal is to realize greater efficiencies and specialization in services. The change will allow the Credit Union Central of Nova Scotia to become Atlantic Central and acquire New Brunswick and Prince Edward Island centrals. Atlantic Central will also accept New Brunswick and Prince Edward Island credit unions as members, and provide enhanced services to all credit unions in Atlantic Canada. “The establishment of the Atlantic Central will enable the credit union system to invest into the further development of credit unions in Atlantic Canada,” said Bernie O’Neil, president and CEO, Credit Union Central of Nova Scotia. “This exciting initiative ensures that we will have a stronger, more effective voice in the National Credit Union System.” Atlantic Central will service 63 credit unions consisting of 340,000 members holding $3.5 billion in assets making the credit union system stronger than before.last_img read more