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Government of Alberta introduces changes to Credit Union Act

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Edmonton, Alberta – Today the Government of Alberta introduced a number of changes to the Credit Union Act.

Servus Credit Union is pleased to see that the Alberta government incorporated some recommendations from the Alberta credit union system. The government has listened to our requests to clarify and strengthen the legislation in ways that will help sustain credit unions to better serve Albertans in the long term.

The Act has not had substantive changes for almost 30 years but the financial sector has undergone significant change. The introduction of amendments by the Alberta government is a significant step forward in serving Albertans by strengthening the ability of credit unions to compete which will provide further benefits to Albertans, Alberta small and medium-sized businesses, and the provincial economy.

The Alberta government undertook consultation with the Alberta credit union system to determine amendments to the Credit Union Act that would best support credit union competiveness, Albertans, and Alberta small and medium-sized businesses. Credit unions developed a comprehensive submission with legislative recommendations which was submitted to the Alberta government in April, 2016.

Servus Credit Union will study the amendments in detail to determine the impact, if any, on our business and our members.

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About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 60 communities. The credit union’s vision of building a better world - one member at a time -inspires their commitment to provide sound, advice-based financial products and services; help members achieve personal satisfaction, enjoy financial stability and a good quality of life; and improve the communities where its members live and work. For more information, call toll-free 187SERVUSCU / 1.877.378.8728 or visit servus.ca.

For more information contact:
Michael Dickinson

Director of Corporate Communications
Servus Credit Union
T: 780.638.8012
C: 780.910.8712
Email: Michael.Dickinson@Servus.ca

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