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Ottawa, April 2, 2002
2002-028

Department of Finance Launches Consultation on Cooperative Banking in Canada

Related document:

• Cooperative Bank Consultation - Key Principles Underlying a Possible Legislative Model. 

The Department of Finance today announced the launch of a consultation process to study the possible establishment of a cooperative bank framework in Canada.

This consultation process will allow stakeholders, financial regulators and members of the public to share their views on the various options for cooperative banking in Canada.

Canada has one of the strongest credit union and caisse populaire movements in the world. This process follows through on the Government’s commitment to work with the credit union system to develop a cooperative bank concept. Such a concept could allow the movement to potentially play an even greater role in Canada’s financial services sector.

The feedback received during the consultation process will help determine whether there is sufficient consensus among stakeholders to move forward with legislation implementing a cooperative bank model in the Canadian context.

The first phase of the process involves the release of a discussion paper, which is available on the Department of Finance Web site at www.fin.gc.ca.

Written submissions from stakeholders and members of the public will be accepted until July 5, 2002. Additional details on submitting comments and the Government’s consultation process can be found in the discussion paper.

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