TORONTO, Jan. 22, 2013 /CNW/ - Credit Union Central of Canada (Canadian Central) congratulates the Canadian Federation of Independent Business (CFIB) on its 4th annual Red Tape Awareness Week™, January 21-25, aimed at heightening awareness about the important issues of regulatory cost and regulatory burden. Canada's Red Tape Report, released this week by CFIB, demonstrates the burden and high cost of red tape for small businesses and encourages governments to work towards effective regulatory reform as outlined in the Ten Point Plan described in the Report.
Canada's credit unions are small financial institutions when compared to the large commercial banks and consequently experience the burdens of financial regulation to a greater degree. Credit unions are required to meet regulatory requirements in the provinces where they are registered and are subject to increased federal regulations in a number of areas.
"Canadian credit unions agree that a strong regulatory environment is important to protecting the savings and financial assets of Canadians. However, It is important that the regulations be clear in their application and tailored appropriately to the circumstances of small financial insitutions," said David Phillips, president & CEO of Credit Union Central of Canada. "One size does not fit all when it comes to regulation-making. Effective regulation does not need to be burdensome regulation."
Credit unions are also strong supporters of small business in their local communities and are familiar with the costly burdens that regulations create for small business owners. Canadian Central has encouraged the federal government to consistently apply the "small business lens" concept introduced last year in the government's Red Tape Reduction Action Plan to all new regulations. "A small business lens requiring regulators to consider the impact of regulations on small business is a very important perspective to bring to regulation-making so that regulations can be designed to achieve their objectives without imposing excessive burdens on small businesses", noted Phillips.
To read the full 2013 Canada's Red Tape Report, click here.
About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 357 credit unions with more than $149.7 billion in assets and serving over 5.3 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.
For the eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit unions also took sole honours in Values My Business and Branch Service Excellence. Credit unions tied for first among all financial institutions for Financial Planning & Advice; and Telephone Banking Excellence.
SOURCE Credit Union Central of Canada