Kindred pleased with Ministry of Finance decision on banking terminology

March 2, 2018 – Kindred welcomes the federal government’s decision on banking terminology for credit unions, announced as part of the federal budget on February 27. This decision provides flexibility for Kindred and credit unions across the country to continue using the terms “bank” and “banking” in serving our members.

Along with other credit unions across Canada, last year Kindred requested that the federal government review the Bank Act’s restrictions on “banking” terminology. Kindred would like to acknowledge the advocacy efforts of MPs from all parties and the All Party Credit Union Caucus, a body formed last spring to facilitate communication between legislators and credit unions.

We’ve always used terms like “bank” and “banking” while serving our members, all the while distinguishing ourselves as a credit union and not a bank. Canadians use these terms in dealing with deposit-taking institutions like a bank or a credit union, and we need to speak a language Canadians use and understand.

We’re pleased with this decision and happy we can continue serving members through cooperative banking that connects values and faith with finances—which we call #BankingwithPurpose!

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