Laws Change In New Brunswick
The New Brunwick government has made changes to laws affecting credit unions and caisses populaires that are aimed at protecting member savings and helping to create jobs.
Among the changes is 100% deposit insurance on member deposits to $100,000, a plan that increases flexibility for credit unions operating under supervision and seeking to meet minimum capital lenders, and an increase on the loan ceilings for making member business loans.
For instance, until the new ceiling was enacted, a caisse populaire was capped at 25% of assets in commercial lending. The cap is now 50%.
There are 56 CUs and caisses populaires in New Brunswick serving 323,000 members and representing $3-billion in assets