OTTAWA, Ontario-Canada's credit unions are one step closer to being able to do business across provincial lines.
A budget document released earlier this month indicates legislation is coming that would allow credit unions to register as federal institutions, rather than limiting them to a single province.
"Allowing credit unions to grow and be competitive on a national scale will broaden choices for consumers by helping credit unions to attract new members and improve services to existing members across provincial borders," the budget said.
Not surprisingly, the nation's banks are already trumpeting that while they are all in favor of competition, they want to make sure that any such competition be on a level playing field, suggesting the banks in Canada have taken a page from their American counterparts.
