Improved Governance Proposed for Credit Unions

ENVIRONMENT/LABOUR--Improved Governance Proposed for Credit Unions

The provincial government introduced proposed changes today, April 15, that will strengthen protection for credit union members in Nova Scotia.

The proposed amendments to the Credit Union Act focus on enhanced training for directors of credit unions across the province. The changes were prepared following extensive consultation and input from credit unions across the province.

"Credit unions play an important part in the fabric of rural communities in Nova Scotia. The improvements being proposed today will help ensure that the credit union system remains responsive and responsible to the changing needs of its members," said Kerry Morash, Minister responsible for the Credit Union Act.

Specifically, the proposed amendments require first-time directors to complete a broad training program within a specific period of time, as determined by Credit Union Central. Training would include information on director roles and responsibilities, knowing how to understand financial statements, knowledge of board governance, legal responsibilities with respect to conflict of interest, and confidentiality.

Nova Scotia's credit union system has more than $1.2 billion in assets. It serves 170,000 members across the province through 86 branches.