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BC government rule change gives credit union members more choice

Surrey, B.C., March 9, 2017 — Westminster Savings Credit Union (Westminster Savings) welcomes the recent decision by the Government of British Columbia to allow electronic loan disclosure statements.

Effective March 1, 2017, updates to the Disclosure of the Cost of Consumer Credit Regulation, under the Business Protection and Consumer Protection Act, permit credit unions to issue electronic disclosure statements for any fixed lending agreements, if the borrower, cardholder, or lessee consents in writing.

“This is great news for our members as it gives them more choice around how they receive financial statements for fixed-loan agreements, credit card and lease agreements,” said Gavin Toy, Westminster Savings’ president and CEO. “Receiving this information electronically will be quicker and certainly more convenient for many of our members. In addition, electronic disclosure statements are more environmentally friendly and efficient as a result of reduced paper and printing costs.”

Previously, credit unions were required to send paper disclosure statements to members. The changes bring British Columbia’s disclosure rules for consumer credit in line with federally regulated financial institutions and other provinces. Members will still have the option to receive disclosure information on paper.

The changes will:

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

“One of our strategic priorities is to optimize, simplify and integrate our operations and service experience to positively impact our members’ experience, so we appreciate the B.C. government’s decision to simplify and streamline the delivery of loan disclosure statements,” added Mr. Toy.

About Westminster Savings Credit Union

At $3.6 billion in assets under management, more than 55,000 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. To learn more, visit www.wscu.com

For more information, please contact:

Cathryn Tucker
Manager, Corporate and Internal Communications