The Westerner for April 2, 2012
Posted by David J. Turner
on Apr 2, 2012
Meeting: chair, Sherry; music, Jerome; grace, Bob Lamoureux
Attendance/Guests: 32 including Brenda Penner, guest of Darrel Ripley; Walker Rogers, Executive Vice President of Credit Union Deposit Guarantee Corporation and guest speaker
CleanScene: Mike Ryan thanked all Rotarians that helped run the CleanScene casino last week.
Gift Cards: order from Brian, exchange cheque for cards - commission goes to fund our projects.
Ethnic Dinner: NOTE CHANGE April 24, Syphay Thai Restaurant, set menu, $32 includes gratuity, call Bob Lamoureux = address #2, 6010 - 104 Street N W
Club Assembly: Rob Dunseith announced April 16 meeting will be a review of this year and planning for next year; please plan to attend and give your input
No Meeting April 9 - Easter Monday
Finemaster: Catharine announced her first attempt at fining the members and to impress, she had her hair cut - all who had not had a haircut within 2 weeks fined $1. She then raised fines around 4 Way Test and diet without white food.
Happy Bucks: Mike Ryan, Al Sanderson, Steve, Fred, Darryll White, Duane, Grace, Catharine all had good news stories
50/50: Al Holmes with Anne did not match cards
Attendance/Guests: 32 including Brenda Penner, guest of Darrel Ripley; Walker Rogers, Executive Vice President of Credit Union Deposit Guarantee Corporation and guest speaker
CleanScene: Mike Ryan thanked all Rotarians that helped run the CleanScene casino last week.
Gift Cards: order from Brian, exchange cheque for cards - commission goes to fund our projects.
Ethnic Dinner: NOTE CHANGE April 24, Syphay Thai Restaurant, set menu, $32 includes gratuity, call Bob Lamoureux = address #2, 6010 - 104 Street N W
Club Assembly: Rob Dunseith announced April 16 meeting will be a review of this year and planning for next year; please plan to attend and give your input
No Meeting April 9 - Easter Monday
Finemaster: Catharine announced her first attempt at fining the members and to impress, she had her hair cut - all who had not had a haircut within 2 weeks fined $1. She then raised fines around 4 Way Test and diet without white food.
Happy Bucks: Mike Ryan, Al Sanderson, Steve, Fred, Darryll White, Duane, Grace, Catharine all had good news stories
50/50: Al Holmes with Anne did not match cards
Guest Speaker: Darrel Ripley introduced Walker who has been working to improve risk management and the operation of Alberta's credit unions. Credit unions are different from banks in many ways; some of which are banks are profit driven and a share of profits goes to shareholders while credit unions are owned by the users (members) and dividends go to the members. Other specifics re credit union operation include 1 member = 1 vote; democratic election of board of directors; provincially regulated; decisions based on members' needs.
In 1844, the cooperative movement started the first credit union in Rochdale, England. In 1901, the idea was imported to Levi, Quebec, which brought the concept to North America. Currently there are 900 credit unions in Canada and their worth is $2.25 billion. Alberta used to have 145 credit unions but business conditions and mergers have reduced that number to 34. They still belong to the coop movement and the provincial association includes coops like UFA. The smallest credit union has $16 million capital base and the largest (Servus) controls $11 billion. About the time that credit unions started in Alberta, the provincial government created the Alberta Treasury Branches to fill the same financial needs.
Regulation of capital requirements and liquidity standards falls under the Alberta Credit Union Act and the responsibilty falls to CUDGC [Credit Union Deposit Guarantee Corporation] which used to be called Credit Union Stabilization Corporation. 41 people work on the regulatory oversight. If there is an issue with a credit union CUDGC works proactively to correct the situation. If this does not resolve the problem, than the corporation takes over operation of the credit union. Unlike the Canadian Deposit Gurantee of $100,000 per deposit, CUDGC warrants 100% of every deposit in the Alberta credit union system. Daily procedures are to identify gaps in risk management practices and confirm that the regulatory requirements are met. The corporation and its employees act as a referee and talk to the various credit union management personnel about what they expect from the credit union. Transparent data is to be supplied to the credit union members.
The shadow banking industry in Alberta, like cash stores, is under very little regulation. CUDGC is working to get this business stream regulated. It also aims for the strongest, most effective credit union system in Canada.
Walker was thanked by Darryll White.
In 1844, the cooperative movement started the first credit union in Rochdale, England. In 1901, the idea was imported to Levi, Quebec, which brought the concept to North America. Currently there are 900 credit unions in Canada and their worth is $2.25 billion. Alberta used to have 145 credit unions but business conditions and mergers have reduced that number to 34. They still belong to the coop movement and the provincial association includes coops like UFA. The smallest credit union has $16 million capital base and the largest (Servus) controls $11 billion. About the time that credit unions started in Alberta, the provincial government created the Alberta Treasury Branches to fill the same financial needs.
Regulation of capital requirements and liquidity standards falls under the Alberta Credit Union Act and the responsibilty falls to CUDGC [Credit Union Deposit Guarantee Corporation] which used to be called Credit Union Stabilization Corporation. 41 people work on the regulatory oversight. If there is an issue with a credit union CUDGC works proactively to correct the situation. If this does not resolve the problem, than the corporation takes over operation of the credit union. Unlike the Canadian Deposit Gurantee of $100,000 per deposit, CUDGC warrants 100% of every deposit in the Alberta credit union system. Daily procedures are to identify gaps in risk management practices and confirm that the regulatory requirements are met. The corporation and its employees act as a referee and talk to the various credit union management personnel about what they expect from the credit union. Transparent data is to be supplied to the credit union members.
The shadow banking industry in Alberta, like cash stores, is under very little regulation. CUDGC is working to get this business stream regulated. It also aims for the strongest, most effective credit union system in Canada.
Walker was thanked by Darryll White.