In The News
Credit unions of Atlantic Canada make news every day, by helping members realize their financial goals, and supporting communities in becoming better places to live!
May 15, 2012
Buying Small Items With Smartphones Takes Another Step Forward, Not Reality Yet
Using smartphones to pay for small purchases took another step forward Monday with Canada’s financial institutions announcing guidelines for mobile payments that work with technology already in place. The guidelines were developed by the major banks and credit unions, although observers say that consumers routinely using smartphones to tap and pay for items like sandwiches, bread, milk and gas is still a few years off.
“We are not throwing our wallets away in the next 36 months,” said telecom analyst Duncan Stewart of Deloitte Canada. “But you have to line up all of the ducks now,” Stewart said from Toronto.
The Canadian Bankers Association said the voluntary guidelines are designed to work with the same security standards used by chip-enabled credit and debit cards and existing wireless point-of-sale terminals at retailers.
“This benefits merchants and consumers by building on an existing system, and leveraging the same high security standards used by today’s chip-enabled credit and debit cards,” the association said in a statement. [MORE]
May 14, 2012
Financial Industry Announces Guidelines for Mobile Payments in Canada
As Canadians continue to adopt mobile technology and as demand for mobile payments capability continues to grow, the banking industry and credit union system today announced a set of voluntary, secure, open guidelines for the development of mobile payments at point-of-sale in Canada.
The voluntary guidelines, technically known as the Mobile Reference Model, will serve as a blueprint for how mobile payment capabilities can be offered in the Canadian market, including guidelines around how information is exchanged among various parties to a transaction including financial institutions, payment card companies, telecommunications companies and merchants. While voluntary, the financial institutions that developed the guidelines are committed to these principles in the mobile market, and these guidelines are intended to create a path to help all market participants move forward in developing mobile payment solutions.
Canadians are looking forward to being able to pay at point-of-sale with their mobile device, and today’s announcement of guidelines for mobile payments in Canada brings this closer to making it a reality. By developing a set of guidelines that all participants in the payments marketplace can work within, the goal is to ensure safety, security and ease of use for merchants and consumers while allowing for innovation and competition among market participants. [MORE]
May 10, 2012
Pennies For Hope
Beverly brightens a room the moment she walks in. So it’s difficult to imagine that this smiling 50-something woman upon arrival at PEI Family Violence Prevention Services’ Second Stage Housing Charlottetown just a few short months ago was a mere shadow of her true self.
“When I first got here I was completely broken. I couldn’t even make a sentence my head was so full of fog,” remembers Beverly, who only wanted her first name used. “The first words from (staff member) Ellen (Ridgeway) were ‘We’re going to give you a week to settle in to get your bearings around you’ and I felt instantly safe.”
Beverly’s healing process started slowly a week later, and part of that journey was the Aspire program, which is under the umbrella of P.E.I. Family Violence Prevention Services.
From May 28th to June 1st, PEI Family Violence Prevention Services (PEI FVPS) is partnering with Metro Credit Union, Hot 105.5 and Ocean 100 to encourage people to donate their pennies with the proceeds from this fundraiser going to P.E.I. Family Violence Prevention Services, Anderson House and the services provided by this organization. [MORE]
May 8, 2012
Equals6 Secures $250,000 in Venture Capital Investment
A Halifax company that has built a career development social networking platform for students is enhancing its product and developing new markets with an investment from the province.
Equals6 has secured $250,000 in venture capital financing from Innovacorp.
The company has launched an online career development community that connects students with employers. The site allows students to build a professional network, then helps them use it to enter the workforce and develop a career path.
[...]
More than 13,000 students from across North America have joined the Equals6 network, and the company has already secured 125 employers, including Atlantic Central Credit Unions, Nova Scotia Power, Bell Aliant and SimplyCast, as local examples. Universities and colleges looking to attract students to their programs are also using the site. [MORE]
May 2, 2012
Valley Credit Union Approves Merger
After an April 26 vote by members of the Valley Credit Union, the stage is set for the July 1 debut of the FirstNova Credit Union.
Members of the Community Credit Union, serving Cumberland and Colchester counties, approved the merger deal between the two institutions the night before. Mike Wark, Chief Executive Officer of the Valley group, will become the new credit union’s CEO.
“This is a tremendous opportunity for our members across the province to see benefits,” he said in a release. [MORE]
April 30, 2012
Michael J. Fox to Give Keynote at Halifax Event
HALIFAX — Canadian icon Michael J. Fox will be the featured keynote at an October festival in Halifax. Fox hosted a show called Adventures of an Incurable Optimist, and that is precisely what the Atlantic Dream Festival aims to encourage. The Nova Scotia Co-operative Council and Atlantic Credit Unions have teamed up with the organizers of the festival to host the region’s largest motivational and leadership event.
Fox will be joined by television personality and design expert Debbie Travis and the newest addition to CBC’s Dragons’ Den, Bruce Croxon.
The theme of the Atlantic Dream Festival is “Dream It. Live It.”
The Atlantic Dream Festival is designed to inspire, empower, and educate people from all walks of life. The event attracts a vast mix: organizers expect nearly 10,000 attendees, from students to entrepreneurs and businesspeople, to members of the general public and seniors. All public events are ticketed and all are welcome to purchase and attend. [MORE]
April 18, 2012
Co-op Council presents Co-operative Trade Show
The Journal Pioneer, Charlottetown PE: The Prince Edward Island Co-operative Council (PEICC) will be presenting a first of its kind Co-operative Trade Show on Friday from 9 a.m. to 5 p.m. at the Rodd Royalty in Charlottetown. The event is designed to showcase the diversity of Island Co-operatives.
“The International Year of Co-operatives is providing a great opportunity for co-ops not only in the province but around the world to show the impact that the co-operative sector has, particularly on the community and local levels,” says Todd MacEwen, communications director with the PEICC. [MORE]
April 11, 2012
Province Supports Social Enterprises – Economic and Rural Development and Tourism
Social enterprises across Nova Scotia will now have access to small-business loans, through the provincially funded Credit Union Small Business Loan Program. Social enterprises operate as non-profits with the purpose of addressing social, economic or environmental concerns.
The province is providing a $2-million loan guarantee for the program and is available to any qualified social enterprise. It is a two-year pilot program and will provide a loan guarantee of up to $150,000 for social enterprises. The program will be offered through the network of Nova Scotia Credit Unions and will be administered by the Nova Scotia Co-operative Council.
April 10, 2012
Newspaper Article Profiling Dominion Credit Union
An article in today’s Chronicle Herald profiled Dominion Credit Union. Reporter Bill Power noted that Dominion is enjoying increases in both member savings and lending. Dominion’s Manager, Rina Gouthro, was interviewed, and attributed the credit union’s successes to the independent nature of the operation which is part of the co-operative business model for all credit unions. Dominion Credit Union’s board, management and staff pride themselves on the care they give to their members and their community.
The reporter also spoke to the Nova Scotia Co-op Council and tied in the UN International Year of Co-operatives.
April 4, 2012
Business As Usual At Credit Union
The Journal Pioneer, Summerside PE: As he made the rounds Monday of the three branches that make up the newly merged Évangéline-Central Credit Union, Ira Smith observed business as usual. “Everything’s normal,” he said, “and that’s the way we wanted it. If you do it right, that’s what happens.” Smith, who had been a Tyne Valley-area representative on the Évangéline Credit Union, took over as president of the new Évangéline-Central Credit Union board of directors when the merger of the two organizations became effective on April 1. He brings to the position years of experience with the Finance department in Ottawa. Smith was a member of the committee that prepared the merger proposal that was put to a vote by the membership of the two organizations in December.
“You have two different organizations; two different communities. You have to understand what’s happening in each one and whether they are compatible; whether you can bring them together,” he said in explaining all the work that went into preparing for the merger.
March 14, 2012
Co-operatives Contributing to Community and Business Development
Mr. Speaker, in Newfoundland and Labrador, we are home to some well-established co-operatives that have contributed greatly to community and business development. We are also home to newer co-operatives that hold tremendous promise.
In southern Labrador, when the Bank of Montreal withdrew its operations, residents stepped-up, mobilized their resources, and formed the Eagle River Credit Union. It was a collective effort that ensured that the delivery of financial services would continue and today it has accumulated more than $79 million in assets.
December 22, 2011
Amazing Turkey Race
The Daily Gleaner: Fredericton, NB: Representatives from NBTA Credit Union, Progressive Credit Union and OMISTA Credit Union are among the businesses presenting over $13,000 to local food banks, money raised during the Amazing Turkey Race.
December 8, 2011
Credit union members strongly endorse merger
The Guardian: O’Leary PE, Guardian, Eric McCarthy – Now that memberships of the Evangeline and Central Credit Unions have endorsed their boards’ merger proposal, subtle changes can be made to prepare for the targeted April 1, 2012 amalgamation date, suggests Alfred Arsenault.
December 7, 2011
Credit Union merger passes first test
The Guardian: Charlottetown PE, Guardian, Eric McCarthy – A motion to merge Evangeline and Central credit unions passed its first hurdle Tuesday night.
November 16, 2011
ANALYSIS: Credit unions and small business, a match made in heaven
CBC.ca, Diane Buckner: (excerpt) “I like our credit union because if you need a loan, you call them up, they have your information,” says Adam MacLellan, who helps run his family’s dairy farm and trucking company in Tyne Valley, PEI. “It’s not like CIBC or RBC where you need to fill in applications, meet all kinds of guidelines. If we need new equipment or new truck, we know within minutes if we have that.”
November 9, 2011
Credit Union Café named at Holland College
Charlottetown, PEI: The Holland College Prince of Wales Campus cafeteria was named the Credit Union Café today in honour of the generous $200,000 gift made to Holland College by Prince Edward Island Credit Unions through the Learning. For Life. Capital Campaign.