In the credit union sector, consolidation is one of the ways in which the sector will continue to provide competition to the banks, and choice for consumers in the future.
Unless policy is actively designed to foster a robust credit union sector, only the very largest will be able to bear the costs of technology and ever-increasing regulation, resulting in more concentration, fewer choices, and higher costs for Canadian consumers.
There is a tendency in Ottawa to see the ‘financial sector’ as consisting of six institutions, but this excludes many smaller players.
