Business View Magazine l January 2023

111 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 “A credit union is a member-owned financial institution. If you look at a traditional bank, it serves two constituents: shareholders and the bank’s customers. However, when it comes to a credit union, the credit union members are the customers and the owners,” Guthrie says. Canada’s credit unions are well-regulated, full-service financial institutions and offer a wide breadth of banking products, including chequing and savings accounts, lines of credit, loans, mortgages, and more. Over 10 million Canadians use a credit union or caisse populaire for their day-to-day banking needs, and they are owned by their members. One of the great advantages of credit unions is that caring for and contributing to their communities is at the heart of everything they do. They take pride in the customer service they deliver and have been recognized by the Ipsos Financial Service Excellence Awards 18 years in a row for Customer Service Excellence. “Credit unions are hyper-focused on the communities in which they serve. That is one of the distinctive features of a credit union. CANADIAN CREDI T UNION ASSOCIAT ION Because of this, credit unions do not just rely on a traditional credit rating methodology. They look at individual members and how they can work with them to find the right solution, whether in lending, investments, or personal financial well-being,” Guthrie says. CCUA is governed by a Board of Directors from various credit unions and caisses populaires. The board draws from member credit unions using a formula that ensures equal representation for credit unions of all sizes. “Members are organized into four peer groups based on total asset size,” Guthrie says. “Each peer group votes and elects members to represent them in the CCUA. This approach ensures the board has a diverse view of member needs, from the largest credit unions to the smallest ones. Our commitment is to make the board representative and democratic in a way that assigns value to all voices and ensures no one’s voice gets lost in determining the direction CCUA takes.” As the national trade association for Canada’s credit unions and caisses populaires outside of Quebec, the CCUA focuses on three areas: advocacy, awareness, and education. “We make sure credit unions have a strong