Just in time for the long weekend in July (Canada Day), The Office of the Superintendent of Financial Institutions (OSFI) issued advisory 2017-01 which has restricted The Credit Union’s use of the words “bank”, “banker” and “banking”. After using these terms for over 78 years, the Credit Union is no longer permitted to use these words effective immediately. Unfortunately, this is not an April Fool’s Day joke.
As we commence the very costly and timely removal of these words on our website, other electronic mediums, print materials and other signage, we will be utilizing the word ‘blah’ and other similar terms until we find a more suitable term for such known services as ‘on-line banking’, ‘telephone-banking’ and other similar services that you have become accustomed to over the many decades that we have been in business as your financial service provider of choice. Perhaps we have been doing such a great job in returning our profits to our members instead of gauging you at every opportunity that the BIG guys are working on finding ways to curtail their competition? Nevertheless, we truly regret any inconvenience or confusion this may cause and thank you for your patience as we look to find other suitable terms.
The Energy Credit Union Limited
For more information: