Bill 32: Credit Union Amendment Act

The Alberta Government introduced Bill 32: Credit Union Amendment Act, which makes amendments to the Credit Union Act, which has not been materially amended in the past 30 years.

Graham Wetter, President and CEO of Alberta Central, issued the following statement today in response to the Alberta government's introduction of Bill 32: Credit Union Amendment Act:

"With the introduction of Bill 32, the Alberta government is moving forward with its committment to enhance credit union legislation. The Alberta credit union system believes that Bill 32, if passed, will serve to further enhance the competitiveness and sustainability of Alberta Credit Unions, which in turn will provide further benefits to Albertans, Alberta small and medium-sized businesses, and the provincial economy," said Wetter.

Wetter pointed out that although the Credit Union Act hasn't changed much in the last 30 years, the financial services sector has undergone significant change. In order to continually serve Albertans by providing them with competitive and innovative financial products and services, credit union legislation must reflect the rapid pace of change impacting the financial services industry and the needs of the Albertans we serve, Wetter explained. The introduction of Bill 32 by the Alberta government is a significant step forward in achieving this objective.

"On behalf of the Alberta credit union system, I would like to express our appreciation to the Alberta government for its support of our industry," said Wetter. "Credit Unions are confident that the legislative amendments proposed in Bill 32 will assist credit unions in continuing to effectively serve Albertans and the Alberta communities in which we operate."

Alberta Central is the industry association and central liquidity provider for the Alberta credit union system. There are 23 credit unions in Alberta with over 625,000 members and assets exceeding $24.3 billion.


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