Editor:
The Sunshine Coast Credit Union has announced they will merge with Coast Capital and another CU, and become a federal rather than provincial entity. The SCCU is heralding this an excellent thing. That it’s good for the SCCU. And it may be. But how do we know?
The communication to members (which includes me) does not address why the status quo is untenable. I’ve seen no coverage in the media (yourself included) debating the pros and cons.
A merger would seem to minimize local control, as Coast Capital is an order of magnitude or so larger. It feels like an acquisition. The SCCU asserts that local control and investment decisions will continue. How can we know?
A local credit union is a valuable thing. The SCCU’s mission is focused on the, well, Sunshine Coast. A larger entity — even if they promise to continue local control — will ultimately make decisions that benefit a broader constituency.
I do not believe we are getting enough information on why this is good, nor what the alternatives are.
I’d like to make an informed vote that supports the Sunshine Coast.
This is a vitally important issue. Let’s have more reporting. If there’s a good reason the status quo isn’t working, we should know.
Let’s make an informed decision.
Greg Bellamy
Sechelt