Westminster Savings welcomes federal government review of common banking terminology

Surrey, B.C., August 24, 2017 - Westminster Savings Credit Union (Westminster Savings) welcomes the federal government’s recent decision to review Bank Act restrictions around the use of the terms bank, banker and banking by credit unions as part of its ongoing review of the federal financial services framework.

“We are pleased that Finance Minister Morneau’s office has decided to review the language in the Bank Act that, if interpreted in the way outlined by the Office of the Superintendent of Financial Institutions (OSFI) in its June 30 advisory, would have caused confusion for customers and made it very hard for credit unions to compete fairly with banks,” said Gavin Toy, President and CEO, Westminster Savings. “We look forward to participating in the consultation process on this key customer issue for the financial services industry over the coming weeks.”

Following the release of the federal government’s consultation paper, the Office of the Superintendent of Financial Institutions (OSFI) suspended the compliance expectations set out in its June 30 advisory. OSFI will revisit the issue once the Department of Finance has announced the completion of its review of the Bank Act restrictions.

About Westminster Savings Credit Union

At $3.8 billion in assets under management, more than 56,000 members and 400 employees, Westminster Savings is among the largest credit unions in Canada. Known for its customer and community focus, people oriented culture, and sound financial and operating practices, Westminster Savings provides a full range of retail, commercial, leasing and wealth management solutions to meet its customers’ evolving needs. As a designated Caring Company, the credit union contributes a percentage of pre-tax profit to charities and nonprofits annually, helping to set the standard for corporate community investment in Canada.

For more information

Cathryn Tucker
Manager, Corporate and Internal Communications
Westminster Savings
ctucker@wscu.com
604-519-4210

 

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