March 12, 2024
Manitoba Government Proposes Changes to the Credit Unions and Caisses Populaires Act that would Protect Workers, Streamline Governing Process for Credit Unions
The Manitoba government is introducing amendments to the Credit Unions and Caisses Populaires Act that would update several administrative provisions, Finance Minister Adrien Sala announced today.
“Manitoba’s credit unions and caisse populaire are a crucial part of Manitoba’s economy,” said Sala. “We’re taking action to support their continued success, by removing administrative barriers and adding provisions that would make it easier to ensure that public-facing staff are protected from harassment.”
The proposed amendments would update the rules governing member meetings that address privacy concerns and clarify electronic voting. In addition, a new provision would allow management the ability to better address a situation where a member engages in inappropriate behaviour.
“Manitoba's credit unions are dynamic financial institutions present in all regions of our province. As co-operatives, they are owned and governed by Manitobans and direct profits back to members, and their communities. They do this through highly competitive pricing, wide-ranging community giving and providing good jobs for Manitobans,” said Curtis Wennberg, president and CEO, Credit Union Central of Manitoba. “These amendments to the act are necessary and welcome. The revised act would allow credit unions to modernize their governance practices, while maintaining the traditional democratic values important to their members.”
The minister noted that with over $43.3 billion in assets, Manitoba’s credit union sector has a bigger share of deposits than in any other province or territory in Canada. There are 16 credit unions and one caisse populaire, serving more than 735,000 members across the province.
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