Cutting red tape is good for Credit Unions, even better for consumers in BC
Submitted. Recent changes by the provincial government are making it easier for credit unions to streamline business processes and give members more choice in how they receive credit information. They also bring British Columbia’s disclosure rules for consumer credit in line with federally regulated financial institutions and other provinces.
“I think most people would agree that managing their financial life is more complicated than they’d like,” said Diane Dou, Chief Operating Officer for Prospera Credit Union, a mid-size BC credit union that is experiencing strong member growth in its Fraser Valley and Okanagan markets. “So anything that cuts through red tape and makes life easier for our members is a welcome change.”
Amendments to the Disclosure of the Cost of Consumer Credit Regulation, under the Business Protection and Consumer Protection Act, permit credit unions to issue electronic disclosure statements for any fixed lending agreements, if the borrower, cardholder, or lessee consents in writing. The changes took effect March 1, 2017.
The changes mean credit unions and other lenders will no longer be required to send paper statements to members who prefer to receive them electronically (although consumers will still have the option to receive disclosure information on paper).
The changes will:
- Streamline business processes and increase efficiency for credit unions and other businesses providing financial lending services in BC.
- Provide consumers with more choice in how they access and receive credit disclosure information.
- Decrease costs by reducing printing, mailing and recycling of paper statements.
“At Prospera, we too have made a commitment to streamline processes and increase efficiency in 2017.” said Dou. “We are living in an exciting time where technology advancements enable us to look at life differently. Processes that used to be complicated and time consuming can now be taken care of with the click of a mouse. We want to take advantage of the technology available to us to enhance the experience for our members and our employees.”
“At the beginning of the year, we established a dedicated Process Innovation team, with process analysts and IT committing 200 hours of development time to tackle legacy process issues. We’re also in the process of rolling out more mobile options for our members and we’ve committed to have all of our process analysts go through LEAN certification.”
“At Prospera, our number one priority is the financial well-being of people in our communities, which we believe is a shared responsibility. We’re encouraged to see the government actively looking for ways to simplify and streamline the delivery of credit information, which ultimately makes it a little easier for British Columbians to manage their financial lives.”
About Prospera Credit Union
Building on more than 70 years as a BC credit union, Prospera is proud to serve a membership that is 63,000 strong. As a member-owned financial institution, our number one priority is the financial well-being of families and businesses in our local communities and our dedicated team is here to serve all of their banking, lending, investing and insurance needs through sixteen branches; online and mobile banking and an alternative channel that includes a locally-based Contact Centre and Broker Centre. Through our affiliation with The Exchange network, members also enjoy access to thousands of surcharge free ATMs across Canada (that’s right, no ATM fees). Making life better for everyone is important at Prospera, which has an extensive community investment program devoted to supporting the organizations, events and volunteers that make our BC communities stronger. To learn more, check out Prospera’s Facebook page or visit www.dontjustbankprosper.ca.