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.
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.
One member one vote. A core principle of cooperative organizations.
Coast Capital Savings Credit Union is currently conducting an important member vote. Its management and Board seek member approval to submit, and to progress, an application to the federal government for Coast Capital Savings to become a federal credit union.
This is a big deal for members of Coast Capital Savings. But it also has significant and diverse implications for the B.C. credit union industry.
