NDP GETS ALL-PARTY AGREEMENT ON NEED FOR CREDIT UNIONS
An NDP motion paving the way for the return of credit unions to the territory was unanimously supported in the legislature on Wednesday. A committee comprised of representatives of all three political parties, business, labour and Credit Union Yukon will be tasked with looking into bringing forward enabling legislation by next November.
“As a longtime member of a credit union myself, I am well aware of the many advantages of credit unions for individuals, families and business,” says Todd Hardy, MLA for Whitehorse Centre. “It is my hope Yukoners will be able once again to take full advantage of credit unions, which are owned and run by their members.”
Last month in the legislature, the NDP tabled a petition containing hundreds of signatures as well as letters of support from business and labour groups calling on the government to expand the financial services and options available to Yukoners through credit unions.
“I’d like to congratulate all the members of the legislature for responding to these concerns and supporting our motion,” adds Hardy. “I would also like to thank the members of the recently incorporated Credit Union Yukon for all their hard work on this initiative.”
The motion says the proposed legislation will ‘make provisions for allowing a credit union incorporated in a province to operate in Yukon subject to the same limitations and protection of members and other investors as under the law of the province in which it is incorporated.’
The territory has been without legislation allowing credit unions since 1980, when the Whitehorse Credit Union closed its doors. Since then, all previous attempts to persuade governments to bring back enabling legislation have not been successful.
“As I said in the legislature after tabling the petition and letters, the Canadian credit union system has established a record of sound, prudent financial management,” Hardy says. “It reflects the desire of many members of society who believe financial institutions should be run by the people and in the best interests of the people.”