Financial regulation is not national security. Edward Snowden alleged that 'collect it all' was a mantra of the US National Security Agency. But this seems rather heavy-handed for regulatory oversight of provincial credit unions. As a self-declared 'data-driven regulator', BC Financial Services Authority appears intent on data collection regardless of prudential supervisory risk or industry impact.
Household pets have been covering their ears. During the first calendar quarter, once reticent finance executives, and finance-engaged CEOs, of B.C. and ON credit unions may have been raging expletives. It’s been a frustrating, challenging and unfamiliar period. Financial instruments once wholly alien to small Canadian credit unions, perhaps large ones too, are now commonplace.
Financial regulation is not national security. Edward Snowden alleged that 'collect it all' was a mantra of the US National Security Agency. But this seems rather heavy-handed for regulatory oversight of provincial credit unions. As a self-declared 'data-driven regulator', BC Financial Services Authority appears intent on data collection regardless of prudential supervisory risk or industry impact.
CUDIC has outgrown legacy legislation and FICOM’s shadow. CUDIC is responsible for deposit insurance of a C$77 billion industry that is used by almost half of British Columbians. Larger than most Canadian credit unions then it warrants full-time, permanent executive leadership. Larger than most B.C. Crown Corporations then it deserves independent, empowered and accountable governance oversight.
There are seemingly three policy options for deposit insurance for B.C. credit unions - Maintain unlimited coverage, Reintroduce limited coverage, Seek provincial alignment. There does not appear a right or wrong policy. But there are policy choices and resultant implications for the B.C. credit union system.
There is currently a void of permanent leaders at system-level organizations that impact B.C. credit unions. All leaders of credit union centrals and relevant provincial government entities are currently appointed on an interim, acting or retiring basis. Unquestionably improbable but such are circumstances. Individually each leader has system influence but collectively they wield transformative impact.
Ice cream with sprinkles. Provincial credit unions may be framed thus by strategy academics. Some aficionados may celebrate mouthwatering flavours and ingredient providence. But many a face-smeared kid may insist that ice cream is just ice cream, and that the real magic is in choosing sprinkles. Perhaps ice cream and sprinkles represent the commonalities and variations respectively in terms of value propositions across Canadian credit unions.
In the movie ‘Good Morning Vietman!’ then Robin Williams encouraged troops and energized betterment. Coast Capital Savings Credit Union CEO, Don Coulter, may have executed a similar feat. Though the recent member approval of its federal credit union strategy then Coast Capital Savings has arguably broadcasted ‘Good Morning Canada!’ to the national financial services industry. It seems that industry is listening to the broadcast. A battle may loom, even if the troops wear business attire rather than army uniform. To the victor goes the right to serve members, a group that may be the primary beneficiaries of forthcoming phase of industry evolution.
