Stetski calls ban on credit union ‘banking’ absurd
Grand Forks and District Credit Union.
Kootenay-Columbia MP Wayne Stetski is astonished Canadian credit unions are being ordered to stop using the words bank, banking, and banker.
He says the order from the new superintendent of financial institutions is ridiculous.
Stetski says the pronouncement is based on an 80-year-old law intended to prevent phony banks from doing business.
He’s asked the finance minister to amend the legislation so that it doesn’t apply to credit unions.