A consultation document, prepared by the Ontario government’s finance ministry, is proposing legislative changes that would make it easier for credit unions to compete with banks in the province. The document suggests allowing credit unions to pool their resources to buy mutual fund companies, investment counsellors, or portfolio management firms. It also suggests loosening loan and liquidity requirements for large credit unions, and making it easier for them to offer a broad spectrum of loans.

The National Post (November 14, 2005) reports that observers believe the country’s big banks might not object to rules that would make credit unions more competitive because a stronger credit union system bolsters their argument for domestic bank mergers.

The proposed legislative changes would also make it easier for credit unions to grow through mergers of their own. Under the current rules, credit union membership is restricted to those who share a “bond of association” such as the same occupation, residence or employment in a defined community. Credit unions must seek permission from regulators to change the bond of association. The new rules would leave decisions about bonds of association up to the members and boards of individual credit unions.

The New Brunswick government has announced a package of changes for credit unions and caisses populaires, including unlimited deposit protection. New Brunswick joins the three prairie provinces in offering 100 per cent protection for deposits. The previous limit was $100,000 — the same as chartered banks. The credit unions and caisses populaires will also be able to increase their commercial lending to 50 per cent of their assets. New Brunswick’s 56 credit union branches hold almost $3 billion in assets.

Kathy Bardswick, The Co-operators Group President & CEO, was elected President of the International Cooperative and Mutual Insurance Federation (ICMIF) at its conference in Singapore, last week. The ICMIF’s membership includes 136 organizations in 67 countries, representing more than 300 insurance companies worldwide. It is the only international association that represents both mutual and co-operative insurers.

Sean Jackson, President  & CEO of Meridian Credit Union, has been named Business Leader of the Year by the St. Catharines’ Chamber of Commerce. The presenation was made October 27 during the Chamber’s 2nd annual Business Achievement Awards. Meridian was also recognized with a nomination for Outstanding Business Achievement in the category of businesses with more than 51 employees.

Meridian Credit Union is Ontario’s largest credit union serving more than 180,000 members in the communities of Niagara, Guelph, and much of south central Ontario.

On November 15, Canadian Co-operative Association Government Affairs Director John Anderson appeared on RDI, the CBC French Newsworld equivalent, as a panelist to discuss the Economic Update released the previous day by Finance Minister Ralph Goodale. Mr. Anderson argued that the update was, in many ways, more a mini-budget and an economic election platform than a traditional economic update. He noted that while there were some important new proposals around taxation as well as some welcome improvements around education, workplace training and immigrant programs, many areas such as community economic development, agricultural policy, and anti-poverty strategies were completely missing from the statement. Because of the race to the election, he noted it was unlikely that much of this statement’s proposals would be implemented before Parliament is dissolved.

A mentoring program for young people vulnerable to crime, addiction, and exploitation has won a $1 million grant from Vancity Credit Union. PLEA Community Services Society will use the funds to expand its KidStart Mentoring Program. The program is for children aged six and over who are vulnerable to high-risk activity. Through the program, kids are matched with adult volunteers who build a relationship with them, act as positive role models, and help them build self-esteem and get on the path to success.

The $1-million Vancity Award, the largest corporate gift of its kind in Canada, was established in 2001 by Vancity’s Board of Directors to support the social, environmental, and economic well-being of the community. PLEA was chosen from four finalists by Vancity members who voted by ballot, online, and over the phone.

Concentra Financial has announced that Mitch Diamantopoulos is the recipient of the 2005 Dennis Lyster Leadership Bursary. Mr. Diamantopoulos is currently pursuing his PhD in Interdisciplinary Studies at the Centre for the Study of Co-operatives at the University of Saskatchewan. Mr. Diamantopoulos has a long history of involvement in the co-operative sector and is currently a member of the Saskatoon Co-op, Saskatoon Community Clinic, and two worker co-ops — Hullabaloo Publishing Workers Co-op (publishers of bi-weekly newspapers in Regina and Saskatoon) and Co-op Ventures Worker Co-op (providing research and consulting to co-op start-ups).

The Dennis Lyster Leadership Bursary, established in 2004, provides a maximum of $5,000 annually to promote the development of leadership within co-operatives and credit unions.

Privah Nsarirwe is recovering well following surgery November 8 to remove a brain tumour. Ms. Nsarirwe is from Uganda where she manages a credit union. During the month of October, while she was participating in the Canadian Co-operative Association’s Credit Union Women’s Mentorship program, Ms. Nsarirwe experienced escalating vision loss and headaches. Because it was important that the surgery take place promptly, Ms. Nsarirwe remained in Canada for the procedure. She has been given a home at the Ugandan High Commission in Ottawa, and has received wonderful support from the staff at Steel Centre Credit Union in Syndey, NS, her placement during the mentorship program. She is hoping that her recovery will be sufficient to return home in time for Christmas.

Habitat JAM is an internet-based conference being held Dec 1 – 3. A pre-event to the World Urban Forum 3 being held in Vancouver in June 2006, Habitat JAM will gather ideas and best practices of civil society and add them to thousands of others who share a passionate concern for the ever-growing challenges of our rapidly urbanizing planet. Among the experts that will be joining the on-line dialogue are Carol Hunter, Executive Director, Canadian Co-operative Association; Dave Mowat, Chief Executive Officer, Vancity Credit Union; Coro Strandberg, Principal, Strandberg Consulting, and other Canadian and international co-op and credit union specialists. Anyone interested in participating is encouraged to register on-line at www.habitatjam.com.

The Co-operators Group is giving Quebec’s Aylmer Health Co-operative a grant of $10,000 from its Co-operative Development Fund.  The health care co-op opened in 2004 and is owned by 3,000 members in the community. The grant will assist the organization in membership development, education sessions, and its Annual General Meeting planning. Currently, there are 20 volunteers working in the co-operative along with an Executive Director and 13 doctors.

Another $10,000 grant from the fund is going to the Toronto and District Parent Co-operative Preschool Corporation (PCPC). PCPC is a co-operative federation of 100 childcare, preschool and nursery co-operatives and centres in Ontario.  It provides group health and liability insurance to members, educational bulletins, and annual salary and fees surveys.  This grant will be used to develop a renewed membership and fee structure, identify and initiate development of new member services, and produce a comprehensive business plan. 

Ontario’s century-old St. Albert’s Cheese Factory, a cheese-making co-op, has decided to bring its products to the city and, this week, opened its first cheese boutique in Ottawa. Called Cheddar et cetera, the outlet will be open seven days a week and create five full-time and eight part-time jobs. The co-op’s management and 40 owners hope the new store will provide an enjoyable cheese-buying experience and leave the co-op less vulnerable to the whims of the large grocery chains in eastern Ontario and western Quebec that currently carry its products. If the pilot project works, it could be tried in other markets, including Montreal and Toronto, as well as smaller centres.

Residents and visitors to BC’s South Granville area can experience a new luxury – their own personal concierge.  Available to anyone in the area, the concierge is just one of the “rock star” amenities provided at Prospera Credit Union and Insurance Agencies’ newest branch, which opened earlier this week.

Members and visitors alike will be able to use the expertise of the financial concierge stationed at the new branch. An expert on the area, the concierge will be up-to-date on local entertainment and retail activities, community news and events, as well as being informed on key associations and contacts along the South Granville corridor. But a knowledgeable concierge is only one of the exceptional services offered to Prospera members. They can also take advantage of on-site Internet, a stocked water bar, pet friendly amenities, complimentary coffee, and free parking.

Vancity Credit Union and its virtual bank subsidiary, Citizens Bank of Canada, are introducing series of six prepaid VISA gift cards — a first for Canada. Accepted by any merchant in the world that takes VISA electronically, all the cards offer the convenience of a traditional gift card without the restrictions on where they can be redeemed. Research shows the potential gift card market in Canada to be worth $2.4 billion.

Co-operative News Briefs, an electronic newsletter of the Canadian Co-operative Association, is published every two weeks and distributed by e-mail. It is available free of charge to anyone with an e-mail address and an interest in co-operative developments in Canada and around the world. Click SUBSCRIBE to have News Briefs delivered to your desktop. If you no longer wish to receive this e-publication, click UNSUBSCRIBE. You can view CCA’s privacy policy at www.CoopsCanada.coop/privacy.

We welcome comments about the publication, about stories we have run, or suggestions for stories we should run. Send your correspondence to Brenda Heald, editor of News Briefs at Brenda.Heald@CoopsCanada.coop.

Next Co-operative News Briefs: Thursday, December 8, 2005