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Westoba Welcomes Ottawa Decision on ‘Banking’ Terminology

MEDIA RELEASE FOR IMMEDIATE RELEASE – Thursday, March 1st, 2018

BRANDON, MBWestoba Credit Union Ltd. welcomes the Federal Government’s decision on banking terminology for credit unions. This decision provides flexibility for Westoba, alongside other Manitoba credit unions to continue using the terms ‘bank’ and ‘banking’ in serving our members.

In partnership with credit unions across Canada, last year Westoba requested the federal government to review Bank Act restrictions on the ‘banking’ terminology. Westoba has always used terms like ‘bank’ and ‘banking’ while serving our members, all the while proudly disclosing that we are 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.

Jim Rediger, Westoba’s Chief Executive Officer, says, “The outcome is positive for all credit unions in Canada. Any other outcome would have put our system at a significant disadvantage when serving our members. We need to be able to talk in a language they can relate to. The words ‘bank’ and ‘banking’ are a part of that language.”

Westoba acknowledges and thanks 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.

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ABOUT WESTOBA CREDIT UNION: Westoba Credit Union (WCU) is the eighth largest credit union in Manitoba with 16 locations. WCU is committed to enriching lives and communities by helping financial dreams come true.