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Feds to examination either credit unions can use banking terms following outcry

Ottawa says it is reviewing either credit unions should be authorised to use a terms “banks,” “banker” and “banking” after a sovereign regulator that oversees financial institutions systematic them not to.

In late June, a Office of a Superintendent of Financial Institutions (OSFI) released an advisory prohibiting credit unions from regulating a vernacular to report their services.

The Canadian Credit Union Association (CCUA) called a pierce unfair, observant it would make it formidable for credit unions to contest sincerely with banks.

The Finance Department pronounced Friday it is seeking views on either credit unions should be authorised to use “banking” and identical denunciation when describing their services while still avoiding marketplace difficulty and safeguarding consumers.

The proclamation came as a dialect launched a second theatre of consultations on a broader examination of a financial sector, that started final August.

CCUA boss Martha Durdin applauded a announcement, observant credit unions need to pronounce to a business they offer in a approach they can understand.

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