In a recent advisory, the Office of the Superintendent of Financial Institutions restricted Canada’s credit unions and other non-bank financial service providers from using the words “bank,” banker,” and “banking” to describe what it is they do in their businesses. According to the federal regulatory agency for financial institutions and pension plans, these constraints also include casual references to the business of banking that have become part of our members’ everyday language, such as “online banking,” “mobile banking,” or even “banking at Casera.”
Credit unions across Canada, including Casera, are being asked to comply with these rules by removing “bank” and “banking” from advertising, websites, forms and signage. This compliance will be a challenge to credit unions, as will inventing new words to replace the terms that Canadians have used for decades.
Credit union organizations and representatives across the country are urging the federal government to work out a compromise that would allow credit unions to continue using banking terms while ensuring that Canadians are aware they are not dealing with a bank.
Casera has been in business since 1951. We may offer the same services as a bank, but our members know we’re a credit union. We believe that our members — many of whom have chosen to deal with Casera because it is not a bank — should be able to continue using “banking” words to describe their interactions with us.