Credit Unions across Canada are faced with having to exclude from using the terms "bank", "banker" and "banking" to describe their operations.
The Office of the Superintendent of Financial Institutions has announced the government is enforcing the rules of the Bank Act to all non-bank financial service providers.
Ron Hedley, CEO of Catalyst Credit Union, says his organization has been working to keep this change from happening.
"The Canadian Credit Union Association has been lobbying on behalf of all of Canada's Credit Unions for some time now and really thought this issue might go away, it just seems like something that we're not sure exactly where it is coming from but they continue to lobby so we will leave that to them."
Hedley is not happy with the change but is willing to go along with it.
