History
Following years of preparatory work by the provincial centrals and the Co-operative Union of Canada, in 1953 the Canadian Co-operative Credit Society (CCCS) was incorporated by a special act of Parliament. It was created to provide a national financial intermediary at the federal level to support a growing credit union system. However for the first few years, these functions were seldom used. In addition, trade association functions were performed by two, sometimes competing organizations, the Canadian Section of the US-based Credit Union National Association, which had evolved out of the development of the credit union movement in English-speaking North America, and the National Association of Canadian Credit Unions which was founded in 1958.
Increased sophistication in Canada’s payments system and liquidity demands during the mid-1970s led to a need for credit unions to be represented nationally. In 1977, reflecting “a desire within the Canadian co-operative movement to create a true national liquidity pool”, CCCS was restructured to include nine (up from five) provincial centrals. The increased capitalization that resulted from this, as well as an increasing interest in credit unions from federal policy makers led to CCCS becoming a formidable national organization. As historian Ian MacPherson notes:
- “By the late seventies, CCCS was responsible for lobbying with the federal government. It was increasingly more active in providing liquidity for the national system. It was negotiating loans from co-operative banks in Europe and the United States. Thus, for a few years in the late 1970s, 25 years after it had been organized, credit union and co-operative leaders from across the country were giving CCCS the attention it deserved.”.
In 1978, the National Association of Canadian Credit Unions merged with the CCCS.
In 1993 the Canadian Co-operative Credit Society was renamed Credit Union Central of Canada. It has been led by four chief executive officers since that time: Brian F. Downey (1986-1995), Bill Knight (1995-2001), Joanne De Laurentiis (2001-2006) and David Phillips (2006–present).
Read more about this topic: Credit Union Central Of Canada
Famous quotes containing the word history:
“Considered in its entirety, psychoanalysis won’t do. It’s an end product, moreover, like a dinosaur or a zeppelin; no better theory can ever be erected on its ruins, which will remain for ever one of the saddest and strangest of all landmarks in the history of twentieth-century thought.”
—Peter B. Medawar (1915–1987)
“The reverence for the Scriptures is an element of civilization, for thus has the history of the world been preserved, and is preserved.”
—Ralph Waldo Emerson (1803–1882)
“Every library should try to be complete on something, if it were only the history of pinheads.”
—Oliver Wendell Holmes, Sr. (1809–1894)