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LETTER: Langley and other communities should be concerned about credit union’s direction

Member read the fine print and does not like the proposed changes

Dear Editor,

More than 20 years ago, the members of what was then known as Surrey Metro Savings Credit Union came together to defeat a proposal to sell the credit union to Canada Trust, which soon afterwards became part of the Toronto-Dominion Bank. Not too long after that decision by members, the Surrey-based credit union merged with several others and the combined entity is now known as Coast Capital Savings Federal Credit Union.

Members are now (until April 21) eligible to vote for four directors, and are also being asked to approve two rule changes proposed by the board.

One of those rule changes would remove the right of a member to run for the board of directors. By my reading of the proposed changes to the rules, it would now be left up to the board to decide who would be eligible to even seek a nomination. All others would be denied that right.

This is anti-democratic and is in fundamental conflict with the “co-operative principles” that the credit union refers to in its rules. The board may have taken this direction due to its interpretation of the federal Bank Act. Coast Capital several years ago decided to become a federal credit union, in order to operate beyond the B.C. borders. However, that is no excuse to severely limit the right of members to seek election to the board.

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I urge members who are eligible to vote to carefully read the proposed rule changes, before giving the board carte blanche to severely restrict the democratic operation of a co-operative financial institution.

Coast Capital and its predecessors have been very important to the growth and well-being of Langley, and other parts of the Lower Mainland and Vancouver Island. The co-operative approach to finance, as opposed to the Toronto-centric, profits-first approach of the Canadian chartered banks, is a big reason why.

Frank Bucholtz, Cloverdale


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