All credit unions will be able to continue to use the terms 'bank, banker and banking.'
The change in the ruling came, thanks to the federal budget stating that credit unions would have the flexibility to use those terms.
Last summer, the Office of the Superintendent of Financial Institutions planned on enforcing the Bank Act rules and prohibited credit unions from using terms surrounding 'bank' in their operations.
The Canadian Credit Union Association estimated the change could’ve cost $80 million dollars.
