Changes aim bolster operational efficiency of credit unions while enhancing employee safeguards
The Manitoba government has proposed amendments to the Credit Unions and Caisses Populaires Act. According to a recent announcement, these reforms, unveiled by Finance Minister Adrien Sala, aim to bolster the operational efficiency of credit unions while enhancing safeguards for employees.
“Manitoba’s credit unions and caisse populaire are a crucial part of Manitoba’s economy,” noted Sala. “We’re taking action to support their continued success, by removing administrative barriers and adding provisions that would make it easier to ensure that public-facing staff are protected from harassment.”
In the statement, the government has emphasized the proposed revisions encompass a spectrum of administrative facets, including the modernization of member meetings to address privacy concerns and elucidate protocols for electronic voting. Additionally, a new provision will enable the management to address misconduct by members.
Curtis Wennberg, president and CEO of Credit Union Central of Manitoba, highlighted the importance of these legislative updates. “Manitoba’s credit unions are dynamic financial institutions present in all regions of our province,” said Wennberg. “As co-operatives, they are owned and governed by Manitobans and direct profits back to members, and their communities. They do this through highly competitive pricing, wide-ranging community giving and providing good jobs for Manitobans.”
Wennberg said the amendments would modernize the governance practices of credit unions, making them a timely and imperative evolution. “The revised act would allow credit unions to modernize their governance practices, while maintaining the traditional democratic values important to their members,” he said.
Noting the sector’s substantial footprint, Minister Sala pointed out that Manitoba’s credit unions collectively manage assets exceeding $43.3 billion, with a deposit share unparalleled by any other province or territory in Canada. With 16 credit unions and one caisse populaire, these financial institutions cater to the diverse needs of over 735,000 members statewide.
For more information on the government’s programs and initiatives, visit news.gov.mb.ca.
