Submission for review of FIA & CUIA – 15 September 2015 v6
[email protected] page 1 Submission to: Review of the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA) FIA & CUIA Review, Policy & Legislation Division, Ministry of Finance PO Box 9470, Stn Govt, Victoria BC V8W 9V8
[email protected] Democratic Member Control [DMC] is an essential characteristic, providing unique advantages for BC’s credit unions, but also presents a significant risk when abused Catch 22: DMC has been disabled to various degrees at BC’s largest co-ops and credit unions, but it cannot be restored until members are given the ability to elect directors who believe in the inviolability (and advantages) of the Co-op Principles. Submitted by Bruce Batchelor
[email protected] 151 Howe Street, Victoria, BC V8V 4K5 250-380-0998 Acknowledgements: I am grateful for financial support from Co-operatives and Mutuals Canada and CURA (Community-University Research Alliances program of Social Sciences and Health Research Council) to allow me to deliver a presentation on this research at the 2015 Annual Conference of the Canadian Association for Studies in Co-operation (CASC) in Ottawa. Advising me and co-presenting at that event was Ana María Peredo, director of the Centre for Co-operative and Community-Based Economy and professor of Sustainable Entrepreneurship and International Business at the University of Victoria Peter B. Gustavson School of Business. Submission for review of FIA & CUIA – 15 September 2015 v6
[email protected] page 2 Overview Credit unions are consumer co-operatives. One of the seven defining principles of a co-operative is ‘democratic member control’ [DMC].