Editor:
Thank you for the opportunity to respond to the recent letter concerning Sunshine Coast Credit Union’s (SCCU) proposed continuance and merger with Prospera and Coast Capital credit unions and the resulting shift in deposit insurance from provincial to federal coverage (“We want a credit union, not a bank,” May 30).
Joining together, we’re strengthening cooperative banking in Canada through a compelling member-owned alternative to the big banks-with the goal of doing more for members, employees and communities.
It is important to look beyond insurance limits alone and consider the overall strength and regulatory depth of the federal financial system that stands behind those limits.
Canada’s federal financial system is regarded as one of the safest and strongest in the world. No insured depositor has lost a single dollar under Canada Deposit Insurance Corporation protection. The federal regulatory framework and supervision play an important role in promoting and contributing to financial stability and public confidence and, in particular, supporting depositors to have confidence their deposits are safe. Deposit insurance matters; but the stability of the financial institution and the quality of its oversight matter even more.
The world is facing turbulent and uncertain times. There has never been a better time for like-minded, strong credit unions to unite and create Canada’s largest national purpose-driven federal credit union.
Members can continue to count on our familiar brand and the same friendly team you’ve come to rely on at our local branches. Importantly, community investments dedicated specifically to Sunshine Coast initiatives will continue.
We invite SCCU members to join us at an open house or coffee chat. Members have an important role in making this vision a reality. With your support, we’ll become an even stronger financial and community partner to the Sunshine Coast for years to come.
Richard Wilson, board chair
Sunshine Coast Credit Union
