Have an opinion you’d like to share? Submit letters to the editor through our website, via email or the postal service. (Heather Colpitts/Black Press Media)

Have an opinion you’d like to share? Submit letters to the editor through our website, via email or the postal service. (Heather Colpitts/Black Press Media)

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.

• READ MORE: Grieving Langley student’s resilience pays off

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

.


Do you have an opinion you’d like to share? Please send us a letter to the editor, including your first and last name, street address, and phone number. Email: news@langleyadvancetimes.com

Like us on Facebook and follow us on Twitter.

FinancesLetter to the Editor

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

After Bobby Henderson apologized online for his comments to a Toronto reporter, the Langley Rivermen announced that he was no longer team coach and general manager and in fact, had ‘parted ways’ with the franchise in March. (file/Twitter)
Former Langley Rivermen coach and GM apologizes for comments to Toronto reporter

Bobby Henderson blames stress due to the pandemic for his ‘disparaging’ remarks

Nurses Ann Bason and Brandon Hunt stand outside the new Langley Memorial Hospital entrance (Dan Ferguson/Langley Advance Times)
Working during a pandemic; what it’s like for two nurses at Langley Memorial Hospital

COVID has changed a lot, but not their devotion to their profession

Kay Palmer and Doris Riedweg were nurses at Langley Memorial Hospital for several years. (Heather Colpitts/Langley Advance Times)
VIDEO: Retired Langley nurses loves caring careers

Langley Hospital Heritage Committee members share historical perspective for National Nurses Week

Barbara-Ann Kubb is a nurse and manager at the long-term care facilities that include Langley's hospice. (Matthew Claxton/Langley Advance Times)
Langley hospice nurses feel calling for end-of-life care

It’s a tough job, but one that has rewards, says Langley hospice nursing manager

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Twenty-nine staff members at Sunrise Poultry Processors Ltd. in Newton have tested positive for the virus, according to an information bulletin from Fraser Health Saturday (May 8). The health authority issued a 10-day closure order, effective May 7. (Image: Google Maps)
29 staff test positive for COVID-19 at Surrey poultry processing plant

Meantime, outbreak over at Surrey Memorial Hospital

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

The dash cam footage, taken May 7 at 8:18 a.m. belonged to the driver of a southbound vehicle that recently travelled out of the tunnel. (Reddit/Screen grab)
VIDEO: Dash cam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Chevy stranded on a ledge above a rocky canyon at Mimi Falls near Logan Lake, April 28, 2021. (Photo credit: Margot Wikjord)
Police officer and fire chief team up in risky rescue of stranded dog near Logan Lake

Chevy, a rescue dog, needed rescuing again after getting stuck on a ledge above rocky canyon

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

<a href="Facebook users reported seeing a body on the side of the road this morning." target="_blank"></a>Facebook users reported seeing a body on the side of the road this morning. (File photo)
Man killed in fatal hit-and-run collision between Abbotsford and Chilliwack

Body reported at 6 a.m., police close North Parallel Road, single highway lane as they investigate

Most Read