The Rural Voice, 2003-01, Page 27acknowledged that the requirements
in terms of regulation and efficiency
which demand greater size mean that
even more attention must be paid to
the personal side of the institution
that is such an attraction for the
customers.
They admit that as the number of
individual credit unions decreases
and the average size of the
institutions increases, the personal
nature of the customer's relationship
with their credit union will need to be
constantly evaluated by those
charged with its governance.
Lynn also emphasized that staff
training and upgrading were being
continually emphasized to ensure that
the customers could be provided with
the best service possible in the credit
unions' changing financial
environment.
Further changes are rapidly
approaching. The current three -
tiered governance model with
individual credit unions, provincial
"Centrals" (designed to provide a
large capital pool for its members)
and Credit Union Central of Canada
is going to see a radical change in the
near future. Ontario and British
Columbia credit unions have agreed
to merge their provincial
organizations creating a two-tiered
system with a $5 billion central credit
union "bank".
During a recent Credit Union Day
at Queen's Park the proposal was
described as improving the system by
ensuring quicker decision-making,
providing a stronger presence in the
world of finance and lower costs,
while allowing credit unions to be
more competitive with big banks.
Exactly what the credit union
movement will become in an era of
consolidation and expansion is not
clear. However, it is clear that the
desire to maintain the community
roots of the movement is still very
strong among those operating the
individual institutions.
The idea that the customers as
owners determine the direction of the
credit union remains a driving force
in credit union philosophy. For
individuals who want the comfort of
local control of their financial
institutions, credit unions would still
seem to be the answer in the 21st
century.0
41) undalk District Credit Union Limited
Community Banking &
Investment Services
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