Misplaced Pages

#464535

27-581: CCUA was founded as the Canadian Co-operative Credit Society (CCCS) to support a growing credit union system in the 1950s. It was renamed to Credit Union Central of Canada in 1993 to better reflect its relationship to its provincial member credit union centrals before rebranding to its current name in January 2016 to reflect its evolving role in fostering a stronger Canadian credit union industry. The Canadian Credit Union Association (CCUA)

54-702: A Caisse Populaire – the French-Canadian equivalent of a credit union – in Levis, Quebec. Its founder, Alphonse Desjardins, was a French stenographer in the federal House of Commons in Ottawa. To facilitate the exchange of savings and to help local credit unions become more efficient, credit union leaders in all the English-speaking provinces organized provincial centrals (called co-operative credit societies or credit union leagues). The Canadian Co-operative Credit Society (CCCS)

81-635: A credit union. Many of the individual provincial-level centrals are disappearing as a result of mergers and amalgamations; the BC and Ontario centrals were merged as Central 1 while the centrals for all four Atlantic provinces were merged as Atlantic Central . The advocacy and trade association roles of the Credit Union Central of Canada have been replaced by the Canadian Credit Union Association , while its role as point of access to

108-553: A national finance facility to provide liquidity to support a distinctly Canadian credit union organization. Beginning in 1908 and accelerating in the 1930s, credit unions were incorporated provincially in small communities and rural areas of the Maritimes, Ontario, the Prairies and British Columbia, while in Quebec, a federated caisse populaire network developed very differently from the rest of

135-680: A primary interest in the Credit Union National Association (CUNA). Many credit union leagues were formed through the efforts of the Credit Union National Extension Bureau in the 1920s. In 1934, Congress enacted the Federal Credit Union Act and the CUNA was formed. The term "league" was employed to denote a mutually supportive organization for the promotion and success of credit unions. Each state in

162-556: Is cooperative federation for credit unions . In Canada, a credit union central is a back-end provider which provides infrastructure such as cheque clearance and online banking to its member institutions. Historically, one credit union central per province served multiple independent local institutions which were too small to economically build all of their own infrastructure to support ATM cashpoints , debit and payment cards , stock and mutual fund brokerage, online banking, wire transfers and cheque clearance. These groups (with

189-456: Is the national credit union trade association that provides services to Canada's credit unions, caisses populaires (outside of Quebec) and regional Central organizations. CCUA works to improve federal and provincial legislation impacting credit unions and advocates for supportive legislative and regulatory policy development. It provides a national voice on behalf of Canada's credit unions and raises awareness of credit unions among Canadians, helping

216-466: The 1970s. In the 1980s he was federal secretary of the New Democratic Party and its chief electoral strategist. Knight joined the credit union movement in 1989 and, from 1995 to 2001, served as President and CEO of Credit Union Central of Canada, the central governing body for the credit union movement, and helped integrate services at credit unions cross the country. In 2001, Knight was named

243-704: The Co-operative Union of Canada." A short time later, the Canadian Federation of Credit Unions became the Canadian Section of the US-based Credit Union National Association (CUNA), continuing to serve the purpose of providing a discussion forum and lobby group for the credit union system at a national level. In the years that followed, this organization, which had evolved out of the cross-border collaboration that had developed

270-506: The United States, as well as Washington, D.C. , Puerto Rico and Guam , had its own League. State leagues also designed the corporate credit union model, to serve as the "credit union's credit union" by providing financial services independent of the commercial banking industry. From the 1930s until the 1970s, one of the chief duties of the League system was to promote and help facilitate

297-665: The attention it deserved." In 1978, CCCS formally merged with the National Association of Canadian Credit Unions bringing together the finance facility and trade association functions. In 1993 the Canadian Co-operative Credit Society was renamed Credit Union Central of Canada. It was led by five chief executive officers: Brian F. Downey (1986–1995), Bill Knight (1995–2001), Joanne De Laurentiis (2001–2006), David Phillips (2006–2014) and Martha Durdin (2014–2015). In 2010, Credit Union Central of Canada began

SECTION 10

#1733092942465

324-455: The centrals. CCCS was owned by the provincial centrals and for the first half of the 1900s, before later becoming the Credit Union Central of Canada, a federally regulated financial institution. By the early 1950s the Canadian credit union system saw the development of two different but related types of organizations: a national trade association to be a convening body and voice for the system, and

351-574: The chartering of new credit unions. However, increased regulation and higher capitalization requirements, combined with the decline in American manufacturing job creation, virtually ended the formation of new credit unions except in special circumstances. Leagues also operate for profit "services corporations" which provide services (credit card processing, commercial printing, ATM networks, shared service centers , etc.) to credit unions and to other state leagues. Consolidation of statewide Leagues began in

378-643: The country. The first attempt to create a national association of credit unions took place at the Quebec Congress of the Co-operative Union of Canada in 1943. While these talks failed to make progress, efforts two years later proved more successful. The Canadian Federation of Credit Unions was created in 1945 to "compile statistics on Canadian credit unions; to assist in lobbying for more effective credit union legislation; to assist in education programs on behalf of credit unions; [and] to encourage [provincial credit union] Leagues to affiliate with provincial sections of

405-421: The credit union central by obtaining their own institution number and purchasing cheque clearing services from one of the big-six banks , the cost of relying on a direct competitor for access is typically high. Even Alterna Bank , a captive online bank owned by Alterna Savings and Credit Union, relies on Central 1 for its online banking and payment clearance infrastructure ― despite legally not being itself

432-498: The credit union movement in English-speaking North America, competed for trade association functions with the National Association of Canadian Credit Unions which was founded in 1958. In response to the growth of credit unions in communities across Canada, centrals began to be created in the 1930s at the provincial level to provide liquidity, risk management and shared services. Following years of preparatory work by

459-399: The credit union sector grow and compete within the Canadian financial services landscape. CCUA also provides professional development and education, webinars, conferences, research and other services for the benefit of its members. CCUA is governed by a board of directors appointed by its member credit unions and centrals. The Canadian credit union movement began in 1900 with the foundation of

486-491: The exception of Québec and neighbouring francophone communities, which were served by Desjardins ) would in turn join a national group, the Credit Union Central of Canada. That group (and, separately, Desjardins) would then join the Canadian Payments Association , providing its member institutions with access to the clearing house. While it is nominally possible for an individual credit union to remain outside

513-566: The late 1980s and accelerated in the 1990s. Also in the 1990s, a move to modernize the names of Leagues also began to happen. In Ohio , for example, the organization became known as the Ohio Credit Union System , with the Ohio Credit Union League becoming just one of four components of the system umbrella. Leagues also perform the function of lobbying state legislatures for laws that are beneficial to credit unions through

540-451: The late seventies, CCCS was responsible for lobbying with the federal government. It was increasingly more active in providing liquidity for the national system. It was negotiating loans from co-operative banks in Europe and the United States. Thus, for a few years in the late 1970s, 25 years after it had been organized, credit union and co-operative leaders from across the country were giving CCCS

567-519: The mid-1970s led to increased reliance on the CCCS. In 1977, reflecting "a desire within the Canadian co-operative movement to create a true national liquidity pool", CCCS was restructured to include nine (up from five) provincial centrals. The increased capitalization that resulted from this, as well as an increasing interest in credit unions from federal policy makers led to CCCS becoming a formidable national organization. As historian Ian MacPherson notes: "By

SECTION 20

#1733092942465

594-691: The payments clearing system (for institutions and associations outside Quebec and outside the Desjardins movement) has been taken over by Central 1 . The Canadian Central is itself a member of the Canadian Co-operative Association , while Desjardins is a member of the Conseil canadien de la coopération et de la mutualité . In the United States a credit union league is a state-level trade association for credit unions , which are not-for-profit financial cooperatives . Credit union leagues hold

621-585: The process of replacing or transferring its regulated responsibilities as a finance facility in order to focus on its activities as a national trade association. This transformation was formalized at the end of 2015 with the formal wind-up of the Central and the transfer of its remaining assets and responsibilities under a new name as the Canadian Credit Union Association. Credit union league A credit union league or credit union central

648-627: The provincial centrals and the Co-operative Union of Canada to create a "central of centrals" at the federal level, in 1953 the Canadian Co-operative Credit Society (CCCS) was incorporated by a special act of Parliament. It was created to provide a national financial intermediary at the federal level to support a growing credit union system. For the first few years after its creation, these functions were seldom used. However, increased sophistication in Canada's payments system and liquidity demands during

675-453: The registered lobbyists . This article about a professional association is a stub . You can help Misplaced Pages by expanding it . This finance-related article is a stub . You can help Misplaced Pages by expanding it . Bill Knight William George Knight (born October 24, 1947) is a former senior executive and Member of Parliament (MP) in the House of Commons of Canada . Knight

702-635: Was born in Estevan , Saskatchewan . A teacher by profession, Knight was first elected as a New Democratic Party MP in a 1971 by-election and was re-elected in 1972 . He represented the riding of Assiniboia , Saskatchewan until his defeat in the 1974 federal election by Liberal Ralph Goodale . Knight attempted to return to Parliament from the same constituency in 1979 but was defeated by Progressive Conservative Lenard Gustafson . Knight served as principal secretary to both federal NDP leader Ed Broadbent and Saskatchewan Premier Allan Blakeney in

729-410: Was owned by the provincial centrals and for the first half of the 1900s, the association evolved to become the system's financial facility and provided access for credit unions at the national payment systems. In 1953, some of the centrals, along with other nonfinancial co-operatives, organized the Canadian Co-operative Credit Society (CCCS), a national organization used primarily to transfer funds among

#464535