CALGARY, Alberta–Alberta’s credit unions are rallying behind a bill proposed by the provincial government, “An Act to End Predatory Lending.”
"The Alberta credit union system applauds the Alberta government for its leadership in moving forward with legislation to curb payday lending,” said Graham Wetter, President and CEO of Alberta Central. “Credit unions believe Bill 15, if passed, will curtail these lending practices that often negatively impact vulnerable Albertans, and will encourage further collaboration among government and financial sector stakeholders to develop alternative solutions to payday lending.”
The Alberta credit union system said it is committed to working with the Alberta government to reduce payday lending in the province. It noted that Alberta's two largest credit unions, Servus Credit Union and First Calgary Financial, a division of Connect First Credit Union, have announced their intention to offer small-dollar credit solutions geared to payday lending customers in Alberta during 2016
Alberta’s credit unions will also continue to promote local financial literacy initiatives within the communities they serve to raise awareness of the pitfalls of payday lending and encourage Albertans to seek financial advice from certified financial professionals prior to accessing payday loans."