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Thank you to Councilor (and CCEC Member) Andrea Reimer who presented the Credit Union Day Proclamation signed by the City to Ross Gentleman, CEO and General Manager, CCEC.  In attendance at the event, which was part of our Annual Pancake Breakfast was BC Co-op  Association Executive Director, Carol Murray and Sherese Johnson, Engagement Coordinator; and CCEC Board Members Tammy Lea Meyer and Marty Frost. 

Ingredients for our pancake breakfast purchased from East End Food Co-op featuring  products produced by co-ops.  

 
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Join us as we celebrate Co-op Week, October 13-19. There are lots of activities planned to learn more about the co-operative movement and how co-ops contribute to our local economy and to the betterment of our community. Click here for more information on the BC Co-op Association Website.  

 

Thursday, October 16 - Credit Union Day!  CCEC's Annual Pancake Breakfast
Join us at the branch as we host our annual pancake breakfast from 10am-12nn.  Pancake flippers include your CCEC Board Members and BCCA staff.  I Choose Co-op T-Shirts will be on sale. 

Other events in the CCEC Neighbourhood on Wednesday October 15

BBQ in  Grandview Park hosted by the BCCA and the Co-operators
Location: Grandview Park, Commercial & Charles St. 
Time: 11 am to 2 pm

Co-ops & The Social Economy Workshop
Location: Co-operative Housing Federation of BC
220 - 1651 Commercial Drive
Time: 3 pm to 4:30 pm
As part of the BCCA’s Momentum Centre: The resource hub for new, emerging and established co-ops, this FREE workshop will explore co-operative solutions to social and environmental issues.

 


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Save the Dates:   International Credit Union Day is October 16 and Co-op Week is October 13-19.

 

 

The year’s message is,

“Local Jobs and Services. Global Good.”

Canadian credit unions have a long history of supporting their communities, which collectively contributes to greater global good. Credit unions have had great success in doing business this way and this is evidenced by our growing membership regionally, nationally and globally.

THINK Co-operative!  


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The US Foreign Account Tax Compliance Act (FATCA) is being implemented in Canada under an Intergovernmental Agreement (IGA) between Canada and the US.  The particulars are in the Budget Implementation Act currently being debated in Parliament. The upshot is that Canadian financial institutions will be obligated to send personal information to the Canadian Revenue Agency that will be shared with the IRS in the USA. The government has released some basic information here

There are substantive arguments that the IGA violates Canadian constitutional and privacy laws, and American law. However, the US has been insistent in negotiations and the Canadian government has acquiesced.   

Those with American citizenship or residency may have their banking information relayed to the IRS.  Canadian Banks, with some exceptions, will begin collecting and reporting information as of July 1, 2014.  "US persons" affected should be assessing their positions. There is the prospect that US tax collectors will be harassing many people in Canada who have US links or citizenship.  Call if you would like more information. 

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Key players in the Occupy movement have announced innovative plans.  A small co-op is being formed to potentially offer low cost prepaid payment cards.  The potential credit union link is explored in this Credit Union Times article. The occupy movement still thinks in both national and local terms, and continues to encourage credit union membership and democratic control models. 

Notably, Canadian 'prepaid' payment cards are criticized in the Vancouver Sun today because of the excessive fees charged by many financial institutions. These kinds of cards are evolving into more than gift cards.  Social assistance payments and other transfers are being processed using these cards; particularly to those who do not have bank or credit union accounts.  As noted in the Vancouver Sun piece, the added costs are potentially borne by those who can least afford it.  CCEC is researching such a card offering but has no definite plans at this time.  

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July 31 the van with a fully operational ATM is scheduled to visit CCEC!

Beginning Monday, July 29 the ding free sea to sea road trip will kick off in Victoria, BC and make it's way across Canada throughout the month of August, wrapping up in Halifax in early September.

The road trip will follow two seasoned improv comedians on a quest to share surcharge-free ATM banking with the masses; revealing some of Canada’s strangest roadside attractions and a host of colourful characters along the way.  Spearheaded by an alliance of Canadian credit unions, the road trip is the latest stunt in our year-long campaign to raise awareness of the thousands of ding free ATMs available to credit union members across the country.  Our goal: to spare even more people from the millions of dollars lost to ATM surcharge fees each year.

Armed with their wits and a camera crew, our comedic duo will travel from Victoria to Halifax over the course of 32 days. They will be chronicling their exploits through a series of online videos and social media content. Canadians can follow the team at www.ding-free.ca, as well as via Facebook, Twitter, Youtube, Instagram and at various locations along the way.

 

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Recent European research confirms an implicit strength of the credit union, or co-op, ownership model for a financial services intermediary.  In essence, the basic saving and loan paradigm of a credit union insulates credit unions from many of the larger risks that have gripped large banks. Credit unions do not speculate in aggregated 'financial' risks.    Consumer ownership, as opposed to investor ownership, has proven to be less fickle, and committed to local needs.  For a good overview check out this article at thenews.coop, or you can read the paper, Resilience in a downturn, The power of financial cooperatives.

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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. 

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