Manitoba Member of Parliament Larry Maguire has thrown his support behind a bill that would allow Credit Unions to use the terms bank, banker or banking.

Maguire has thrown his full support behind Bill C-379, which if passed, would amend the Bank Act to allow the use of the words “bank”, “banker” and “banking” by Credit Unions that are provincially regulated.

Maguire seconded the legislation and has been working with local Credit Unions to make the necessary changes. The legislation was introduced in response to an advisory issued June 30 by the federal Office of the Superintendent of Financial Institutions, which is now taking a strict interpretation of the Bank Act. Based on this interpretation, the federal government could lay criminal charges against any credit union that uses the term “bank,” “banker,” or “banking”.
 
“The federal government’s recent action in telling Credit Unions to stop using the words their members use to describe the work they do is absurd,” said Maguire.

Since the announcement by the federal bank regulator hundreds of Westman residents have signed petitions demanding the Liberals take action. “The Liberals said they would rectify the situation but so far they haven’t.”

In the weeks ahead Maguire will build up support for the legislation and will work across party lines to pitch its merits.