The federal government announced in Budget 2018 that credit unions could use generic banking terms, subject to disclosure. At this time, it is unclear what these disclosure requirements will be, or when and how they will be enforced. 

To ensure minimal compliance burdens, while ensuring regulators can fulfill their policy goals, CCUA is proposing that any disclosure requirements be addressed on a voluntary basis. We have already begin work on a voluntary credit union market code that will benefit the sector, consumers and policy-makers. We can address banking terminology requirements in the context of this code.

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