OSFI bans credit unions from using the words ‘bank’ and ‘banking’
July 04, 2017
We know we aren’t a bank, but we do help our members with their banking solutions. On June 30, the Office of the Superintendent of Financial Institutions (OSFI) published an advisory saying credit unions are no longer able to use the words bank or banking, even as a verb. If we do, we could face criminal charges.
Confused? Imagine having to come up with new words to describe what banking is. What do you do when you come to Sunova or go online to access your accounts? Are you credit unioning? Financial transacting? That just sounds silly.
“Bank” and “banking” are words we use daily to describe our interactions in the financial industry. These words are common terms that help explain to you, our members, the services we provide. They are the words you use to describe how you store your money with us.
The decision to enforce this might seem small, but it will cost credit unions across Canada $80 million dollars to make these changes. That’s money that could otherwise be used to support our members and our communities.
If you’re proud to bank with a credit union, please share this news with your social networks using #iBANKwithacreditunion.