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CU reforms in New Brunswick expected by Oct. 31
FREDERICTON, New Brunswick (9/15/08)--The New Brunswick credit union system expects to implement new reforms by Oct. 31. Legislative reforms brought about after the provincial government's bailout package and consequent political fallout from the Caisse Populaire de Shippagan deficit will soon be in place, Robert Penney, chairman of the New Brunswick Credit Union Deposit Insurance Corp., told a legislative committee (Canadaeast News Service Sept.11). The provincial government sued over accounting practices and loan policies by individuals at the caisse, and alleged the practices partially led to a deficit of $30 million. Taxpayers are now responsible for a bailout package valued at double that amount (eNBusiness July 17, 2007). The legislative amendments were passed in the spring. It is now up to the Liberal party cabinet to have them proclaimed formally by the lieutenant governor. Compared with two years ago, there is a lot more financial stability in the system, Penney told the paper. "We have fewer caisse populaires and credit unions under supervision, the new anglophone stabilization board is very strong, stronger than it was in the past," he said. "I think the future looks bright.” Penney is also superintendent of credit unions. After the bailout was offered, the Liberal government introduced a discussion document that led to a series of legislative reforms this spring. Justice Minister T.J. Burke brought about the first reforms to the sector in 15 years in May. The main elements of the restructuring included dropping the 100% guaranteed deposit protection to $250,000, introducing provisions to allow regulatory authorities to act quickly and not be stalled by appeal processes, and reforming the boards.


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