Honda FCU Needs Canadian Law To Change To Expand
Honda Federal Credit Union has branches in Ohio, Alabama and South Carolina-in addition to its headquarters here in the "South Bay" portion of Los Angeles-but it has one eye on expanding north of the border.
Jim Updike, Honda FCU's CEO, told The Credit Union Journal before an expansion can take place, the CU first needs legislation passed in the Canadian Parliament that will allow a credit union to operate internationally.
"We're still planning to go to Canada, because we think it's a good thing for credit unions on both sides of the border," he said. "But right now, there is no national credit union act in Canada. Every province has its own credit union act. No credit union can operate over provincial lines. Credit unions in Canada operate like community banks."
There is no timetable for legislation in Parliament, so Honda FCU is taking a wait-and-see approach, he added.
Updike said he will be speaking at the World Council of Credit Unions' upcoming leadership conference in the Bahamas on the importance of international branches.