Credit Unions to Ottawa: Modernize Financial Rules to Strengthen Competition and Expand Consumer Choice

OTTAWA, Ontario, Oct. 21, 2025 (GLOBE NEWSWIRE) -- The Canadian Credit Union Association (CCUA) and more than 60 credit union leaders from across the country will gather on Parliament Hill today for CCUA's annual Hike the Hill advocacy event. During meetings with MPs, Senators, and senior government officials, credit union representatives will urge two practical policy reforms to strengthen competition, expand consumer choice, and lower costs for Canadians.

"Credit unions are among the few competitors in a banking sector dominated by a handful of massive institutions," said Jeff Guthrie, President and CEO of CCUA. "Smart, practical reforms can help level the playing field and give Canadians more competitive financial options."

The discussions will focus on two achievable federal actions:

Streamline the federal continuance process – Since 2012, provincially regulated credit unions have had the option to transition to a federal charter, allowing them to operate nationally. However, the process has become lengthy, complex, and costly — often taking six or more years. The Office of the Superintendent of Financial Institutions (OSFI) can make this pathway more efficient and transparent, enabling more credit unions to expand across Canada and enhance competition.

Amend the Competition Act to support credit union consolidation – While mergers among banks are exempt from review by the federal Competition Bureau, credit union mergers are not. This creates unnecessary duplication, as provincial regulators and member-owners already oversee and approve these processes. A minor amendment to the Competition Act would remove this barrier, helping credit unions achieve the scale needed to compete effectively with banks and fintechs.

These reforms align with the federal government's renewed focus on increasing competition in key sectors such as banking, telecom, and retail. "By modernizing outdated federal rules, the government can help strengthen local, community-based competition in financial services across Canada," added Guthrie.

CCUA and credit union leaders look forward to working collaboratively with the government to advance these and other pro-competition, pro-consumer reforms that reflect the cooperative spirit and commitment to community shared by Canada's credit unions.

For media inquiries:
Canadian Credit Union Association
Email: communications@ccua.com

About the Canadian Credit Union Association
The Canadian Credit Union Association (CCUA) is the national trade association for Canada's credit unions and caisses populaires, excluding the Desjardins Group. Canada's 169 credit unions and caisses populaires (excluding Desjardins) are leaders in small-business lending and hold $315 billion in assets. Learn more at www.ccua.com.

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