Credit unions in BC are, along with many other financial institutions, subject to added scrutiny as a result of the 2008 banking crisis. Good "Governance" is a subject of particular interest. The BC regulator, FICOM, has proposed a new guideline for credit union governance in the recent past and invited comment from credit unions.
CCEC's submission champions open democratic practices. One key issue is whether Boards should include 'professionals' who may better understand the risks in financial institutions. The regulator proposes that credit unions have more professionals sitting as directors. This is distinctly at odds with open democratic elections and member control. The CCEC position disputes the proposals on principal, but also on conceptual grounds; indeed, boards made of lay people have not proven themselves to be less prudent. On the other side, the Board's of the large US banks that failed in 2008/2009 were filled with 'professionals'.
CCEC does not believe that lay people are less able to provide direction to community organizations, and indeed they provide a comprehensive linkage to the community and knowledge of our membership that is invaluable.