Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Moodys Canada CUs chipping at big banks market
TORONTO (4/29/10)--Canada's credit unions are eroding the stranglehold held by the "Big Six" full-service banks in the retail banking market, and Moody's Investors Service says that trend will accelerate if the Canada's government allows credit unions to incorporate on a federal level. A proposal in the Canadian government's budget would allow legislation to amend the Bank Act so that Canada's 419 credit unions can build membership beyond their provinces to build national franchises (Dow Jones April 27). Currently they are limited to staying within their province, but many have formed alliances to build up their service offerings and infrastructure. Credit unions already have significant shares in certain areas, said Moody's analysts. In 2009, credit unions' market share included 16% of retail deposits, 19% of residential mortgages and 13% of Canada's automated clearing settlement system. The government's proposal could accelerate consolidation, but that trend has already been developing for most of the past decade, said Moody's.

RSS print
News Now LiveWire
Stay tuned for News Now as technical difficulties are addressed.
2 hours ago
Looking for a summer vacation savings account? @GOBankingRates has a #creditunion for you.
2 hours ago
.@wichitaeagle highlights #MidAmerican #CreditUnion in Wichita and how it focuses on members w/a personal touch
3 hours ago
If you got a tax refund, put some aside, #VisionsFCU financial specialist tells @WBNGActionNews
19 hours ago
.@CUNA staff bring back "Pressing Issues" quarterly conference calls #CUNAComply
21 hours ago