Bill Detail
An Act to amend the Competition Act and the Bank Act (reduction of administrative burden — credit unions)
This enactment amends the Competition Act to provide that the Commissioner of Competition need not be notified of proposed amalgamations involving only federally and provincially regulated credit unions.
It also amends the Bank Act to provide that a proposal by a member of a federal credit union to raise a matter at an annual meeting is to be signed by a minimum number of members who are entitled to vote at the meeting. Finally, it amends the Act to specify that only a federal credit union that is a distributing bank is required to provide access to its members register.
This bill aims to reduce the administrative burden on credit unions in Canada. It proposes to exempt amalgamations involving only federally and provincially regulated credit unions from the need for notification to the Commissioner of Competition. This streamlines the process for credit unions merging.