CCEC Blog
Search
 

The second largest credit union in BC is applying to become a bank.  Coast Capital Savings (@500k members at @$16B in assets) has made an application to the provincial regulator, FICOM, for permission to be continued under The Bank Act as a federally incorporated entity.  FICOM is requesting public input, so let's encourage people to write. [Added: CCEC submission Mar 28, 2017.]

The Bank Act was amended three years ago to allow for 'federal credit unions' as a type of bank. The federal government has taken other steps to induce or coerce larger credit unions to move to that jurisdiction. Coast is the first from BC to move down this path, a special resolution was put to that credit union membership in November, with very little supporting information and no real debate.  Now, FICOM has to review the proposal.

A more complete explanation may be found at www.cufutures.ca  A blog post there outlines many concerns.(other information is at www.governancewatch.ca )

But two big questions arise;

  1. Are credit unions not inherently local, self-help responses to a big national bank oligopoly?  This conversion abandons the model of a network of locally based, democratically controlled financial co-ops.  
  2. And will the departure of these large credit unions undermine the viability of the real credit unions that remain?  We must ensure the legacy of several generations, the credit unions of BC, are not undermined and placed at risk.

RG

 

Currently rated 0.0 by 0 people

CCEC GM Ross Gentleman spoke to BNN today regarding the Vancouver housing market. The six minute interview considered economic issues, lending risk, and public policy responses. Ross said, "The rapid rise in values over this past year cannot be sustained."  Even the OECD has publicly called for government action this past week. The local real estate board reports prices are up 22-37% annually in the region. 

Ross expressed concern that rising real estate prices are pressuring middle and lower income households.  All credit unions are committed to ensuring these households' shelter needs are met.  He noted that CCEC does not finance speculation, with a primary focus is upon home ownership for middle income credit union members, secure shelter options generally, AND non-market community owned housing stock.

Ross also noted that CCEC supports co-op housing and CCEC sees a need for more collaboration between that sector and government to ensure that more non-market housing units are built. The community land trust model in Vancouver is a good example. 

Lastly, he projected a need for government intervention as affordability becomes a more serious concern for ordinary people.  In particular, he itemized the need for the reconsideration of (a) the property transfer tax system, (b) the municipal property tax system, and (c) the privileged tax exempt status of capital gains on primary residences. 

Currently rated 0.0 by 0 people

Smarter.  Brighter.  Better.

CCEC is converting to a new banking system on JUNE 1, 2016.  There will be service interruptions from Tuesday, May 31 at 3pm to Wednesday, June 1 in the late afternoon.  If you have further questions, please visit our website for more information or phone 604.254.4100.

BE PREPARED

During this conversion period, if you have any questions concerning your account we encourage you to contact the branch through email info@ccec.bc.ca or by phone to 604.254.4100.

After conversion, if you have specific problem with your card or online access, please provide us with as much detail as possible about the issue, to assist us in tracking down the source of the issue.  Details would include the date and time, location (ATM or retail outlet), exactly what you were trying to do, and the exact error message.

Nothing is perfect and we ask you to check on your Future Bill Payments to confirm that bills were paid if they were scheduled during the conversion period.  Bill payments scheduled for June 1 will not be processed at the beginning of the day as usual, but will be processed in the afternoon, after the conversion is complete.

Q:  Why are we converting the banking system?

A:  We are converting to a new banking system to provide you with increased reliability and to increase our capacity to provide you with new services.  During the conversion, we will be doing everything we can to minimize any member impact; however, there will be some changes that will be necessary and important to note.  For updates, visit our website at www.ccec.bc.ca .

Q: When is this happening?  And, can I get money from an ATM, do online banking, and make purchases?

A:  We are converting to this new banking system from Tuesday, May 31 at 3pm to Wednesday, June 1 in the late afternoon.  

 

BE AWARE:
You can deposit cheques or cash in an ATM.
BUT,
the funds
deposited at ATM’s during this period will not be available for withdrawals.

 

Q: Will my cheques and pre-authorized debits and credits be cleared?

A: On Tuesday, May 31, we will process the clearing files as usual.  We anticipate we will next process the clearing file on June 1 in the afternoon, after our upgraded banking system is up and running.

If you have important transactions or special requests from May 31 to June 1, please get in touch with us ASAP so that we can address your concerns.

Q:  So, what can and can’t I do during this time?

A: See our Service Interruption At A Glance chart:

 

Telephone Support

Branch Banking

ATM & POS

Online, Mobile & Telephone Banking

Monday, May 30

 

Closed as usual

Available

Available

Tuesday, May 31 before 3pm

Business as usual for account and transaction processing up to 3pm.

Open 10am-3pm

Available

Available

Tuesday, May 31 after 3pm

We are available to answer questions until 5pm.

Closed

Limited. We cannot process transactions after 3pm.

Not Available. Transactions cannot be processed after 3pm.

Wednesday, June 1

We are available to answer questions from 10:00am to 5:00pm.

Closed

Limited. We cannot process transactions until late afternoon.

Not Available. Transactions cannot be processed until late afternoon.

Thursday, June 2

Open 10am-5pm business as usual

Open 10am-5pm business as usual

Available

Available

 

Q: What changes will I notice in the new banking system?

A:  We’ve listened. The new system reflects a few of your requests.  You will see more features and easier navigation.  The system will provide greater reliability and give us the capacity to add new services.

  • NEW in Online Banking: You can download account activity to a PDF file; and we’ve added the Recurring Bill Payments feature to save you time to pay the same amount on regularly scheduled bills.
  • NEW in Telephone Banking: The phone numbers will be changing.  The new number for local calls is 778-588-6811 and toll-free is 1 844-588-6811.  Listen carefully as the order on the menu options has also changed and we do not have a Loan Payment option.  Navigation is easier.  Changes include:
  • Press * to go back to the previous option;
  • Use * key for decimal point when entering amount of the bill.
Currently rated 0.0 by 0 people

Yuri Yerofeyev, founder of Taurus Exchange says, “Cryptocurrencies, namely Bitcoin, have turned upside down the way I think about the world.”  To understand Bitcoins and why they are popular, Yuri says that you need to look at things from a global perspective. 

Bitcoin came to be during the financial crisis of 2008 when, after losing their assets, people started questioning the existing monetary order.  The realization that all the money is controlled by a handful of moguls gave rise to a plethora of writers, bloggers and journalists who focused on exposing the unsustainable financial system we live in; and a group of programmers worked to create a new way to transmit value from one person to another.  Yuri says, “ Enter Bitcoin, a decentralized peer-to-peer value transmission protocol that doesn't depend on any central bank or government.”

Yuri learned about Bitcoins by reading the white paper published in 2012.  He started trading as a hobby and co-founded The Bitcoin Co-op, a non-profit organization whose main goal was to educate individuals and businesses about the benefits of using Bitcoin in their daily lives.  Today he runs Canada's first fee-free bitcoin exchange called Taurus.

Here is how it works:  if you want to exchange Canadian dollars for bitcoins, you place an order and wait for a match to occur.  You can also match your bid with an existing asking order for an instant trade.  He says that while bitcoin payments are automated and easy to set up, the main challenge is the ability to provide quick and reliable funding methods on the Canadian dollar side of the deal.  Thus, most customer requests have to do with money transfers, especially when it comes to fast payment processing and alternative options.

Bitcoin is still in its infancy and can be compared to the Internet as it was in 1994.  Yuri says that bitcoin transactions are not anonymous and there are complex issues, such as scalability and financial privacy, that need to be addressed.  While there are a growing number of financial institutions and venture capitalists interested in the advantages of the "blockchain technology" considered to be un-hackable, it doesn't always mean they are into Bitcoin itself.

He feels that financial institutions like CCEC can benefit from this new technology if used for transactions, record keeping, notarization services and smart self-executing financial contracts.  He says, “Imagine a credit union that is free of human error and whose cash flow is fully automated, transparent and incorruptible.”  As the industry develops new opportunities appear including remittance, instant global payments, point-of-sale systems and derivatives markets.  While admitting that another challenge may come from the financial regulators, his hope, however, is that no significant changes are made in the law and this segment of the market will remain truly free.

Why I belong to CCEC: “One of the most important moving parts in running a cryptocurrency exchange is solid banking relationship.  CCEC is one of the few financial institutions that recognize the potential of cryptocurrencies.  The credit union's board is open-minded  and forward-thinking.  CCEC is leading the Vancouver financial space when it comes to promoting and educating people about the peer-to-peer economy, decentralization and personal freedom.”  Yuri Yerofeyev, founder of Taurus Exchange

Contact Yuri at to yuri@taurusexchange.com or visit Taurus Exchange 

Read more about alternative currencies in a previous blog:  Digital Darwinism Bridges the Gap Between Community and Finance 

Currently rated 0.0 by 0 people

Medical cannabis dispensaries in Canada face a substantial hurdle doing business because the big banks have declined to provide services.  An excellent article in the Globe and Mail surveys the challenges, especially in light of the pending major changes to our federal laws.  

CCEC is highlighted in the article as an agent of change, because it has agreed to provide banking services. As noted in the Globe article, provincial governments, health authorities and even the Supreme Court of Canada have affirmed that access is essentially a health issue. CCEC has agreed.   

CCEC wants to build healthy and just communities, by empowering ordinary people. Political and social change is underway and there are roles for community groups and community-based financial institutions to play.  CCEC may be small, but we can have impact. 

Currently rated 0.0 by 0 people

The New Economy – still mostly a concept, lots of people have a different vision for the kind of economic environment we are all moving into.  What was the vision for the Impact Economy Whistler, event held in October attended by CCEC Board Members, Tammy Lee Meyer and Marty Frost?  If there was a common word that could be applied to all the visions that were present, it would be “open” as in “open-source” technology - hardware and software; and “open value networks” as a way of organizing groups of people who choose to work together. 

The people who showed up all saw themselves of members of an emerging economy.  They were computer software and hardware engineers, community developers, co-op advocates.  And if there was a common word that could be applied to all the vision that was present, it would be “open”.  The computer people were all working on developing new generations of computer operating systems, applications, communication protocols and hardware, all open source.  Open Source is a concept applied to developments (computer hardware and software primarily at this point) that have no ownership applied to them.  A piece of open source software, for example, carries no license, no proprietary rights attached to it.  Anyone has a right to download a piece of open source software, modify it and put it back up on line for open sharing.  The same principles are being applied to hardware as well. 

Some of those present were also employing “open value networks” as their form of organization.  No incorporation, no legal “rights of a natural person” applied.  Simply a group of people who choose to work together, share projects, share any resulting revenue that may be produced, well, openly.  A couple of examples that people may wish to check out on line would be Sensorica, in Montreal (www.sensorica.co), or 99% Media, also in Montreal ( www.99media.org). Neither has a legal structure, they are networks of workers who get together on a project-by-project basis, and share facilities, tools and revenue. 

The other significant “group” of people were the community development folks, most of whom are involved with local, non-State currencies.  Among these was BC’s own Michael Linton, founder of the LETS system that some of us will remember from its 40 year or so history in and around the Comox Valley on Vancouver Island.  The Mutual Aid Network was represented as well, and profiled for us their highly successful time-banking system they have developed under a co-op umbrella in Madison Wisconsin.  Time-banking is in some ways another form of local currency, certainly a local trading system. (www.mutualaidnetwork.org)

In this video podcast, Michel Bauwens chats with Art Brock, Michael Linton, and Matthew Slater about money and new currencies: accounting systems, "open money", current-sees, exchange in the post-monetary economy, trust, and value exchanges.

Is this to be an aspect of the “New Economy”?  An escape from individual ownership – or any form of ownership at all – into an economic paradigm based on sharing?  If you have a need it will be there for you, if you have something to offer you have ways to offer it, and all free of state-based currency transactions?  To people like me, who has spent most of my life assisting people to work in more sharing – but certainly “legally” structured – forms of economic relationships, it raises all sorts of questions:  how scalable can these organizations be?  How are disputes – those that are now “settled” through the market – be settled?  how would “value” of goods and services be determined?  These are questions that need to be answered as we move forward.  For my part I am thankful that there are people out there who have the passion and nerve to just get out there and do it.  Test these models in the crucible of the capitalist economy in which we live, find the challenges and develop solutions. 

Marty Frost

For more information: 

http://www.impacteconomy.io  and other podcasts  https://soundcloud.com/impact-economy

Currently rated 0.0 by 0 people

Is bitcoin the future of money, privacy and payments, the end of greedy banks and the fall of government fiat currencies; or is it an elaborate scam, the currency of cyber villains, and a threat to sovereign states?  

Drew of BitNational, a CCEC Member, says: “We all cherish money deeply, but most don’t truly understand what it is or from where its value is derived. Researching bitcoin and cryptocurrencies enables you to understand a lot more about how fractional reserve banking and quantitative easing only benefit the extremely wealthy, while constantly devaluing every dollar you earn. Bitcoin is honest and transparent at the lowest level.”   

Could bitcoin prevent a future global currency crisis like the ongoing Greek example? Earlier this year, there was a freeze imposed on fund transfers out of Greece and a daily limit placed on how many Euros that Greeks could withdraw from their own bank accounts. If all Greeks used bitcoin, their funds could not be frozen or rationed. We know that Fort Knox doesn’t have enough gold to support the paper currency in circulation, and lots of people are unaware that gold has not been tied to fiat currency since 1971. Is bitcoin, a currency created by the people for the people, the answer?

Bitcoin is not an easy concept to grasp, but at the moment, it’s the only currency without borders. There are many people who are now buying bitcoin in an attempt to learn more about digital currencies that are, for the most part, completely misunderstood.  According to Drew, of the DDP & BitNational, “People are infatuated with saving money, but they don’t really know what it is. The ‘money’ in bitcoin is stored fully in your control, on your cellular phone, in paper (cold storage) wallets, and now many hardware wallets are also coming into the market. There are however still risks in this fledgling industry, if you don’t know what you are doing. For example, the ‘address’ you use to transfer bitcoin must be correct or your funds could be sent to a different person and not returned. Bitcoin is a push system, rather than a pull system like credit cards and traditional banking. You are in full control of your money, if you want to be.” 

So, how are businesses using bitcoins? CCEC Member, the Decentralized Dance Party (link to blog) is selling “Peace Bonds”, exclusively using decentralized currencies, such as bitcoin, to complete The Global Party Pandemic AKA The Grand Unification Tour. The DDP’s recent European Tour was 100% financed by crowdfunding (see blog article on CrowdGIFT) using bitcoin.

So, how does it work? It is said that the blockchain technology behind Bitcoin could be a game-changer in the world of finance. It is virtually unhackable. The blockchain is the systematic ledger that keeps track of all bitcoin transactions. It can never be erased and is constantly growing as more transactions are added in chronological order. Because blockchain technology appears to remove the need for the middlemen of finance — banks, governments, notaries and even paper currency — it is thought that its system of decentralized consensus could be applied elsewhere. "Think about digital signatures, digital contracts, digital keys [to physical locks, or to online lockers], digital ownership of physical assets such as cars and houses, digital stocks and bonds and digital money," noted venture capitalist and bitcoin booster Marc Andreessen in a 2014 op-ed for The New York Times. He continues, "All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary, like a bank or broker."

Drew wants CCEC Members and their peers to be open to change. He says, “We all know that something is wrong with the current system and that we need to do something. Bitcoin is honest money… We all need to take more control of our finances and put in the effort to understand money. People don’t realize the power that they hold, and they need to understand that they can truly vote with their money.”

BitNational currently has 13 Bitcoin ATMs in Canada, 6 in Waves Coffee Houses in Vancouver and due to consistent transaction growth, will be expanding aggressively in the coming months.

For more information visit bitnational.com, bitcoin.org OR coinmarketcap.org

CCEC will be featuring more articles on decentralized currencies and bitcoin. Be sure to leave your comments on our Blog.

Contact Drew: drew@bitnational.com

Currently rated 0.0 by 0 people

The Ministry of Finance is now reviewing credit union legislation, a process that will proceed over the next year.  Every ten years there is a review and consequently an opportunity to think critically about how financial services are regulated.  In BC, the two principal statutes are the Financial Institutions Act and the Credit Union Incorporation Act.

The last decade has seen some big changes in technology and also in the way international banks are regulated. Technology has changed the way credit unions do business (new service channels online, and mobile), process transactions (paperless payments), and communicate generally.  In addition, technology has introduced a host of new non-traditional service providers; virtual banks, online lenders, private payment services, digital currencies, and more. The failure of some large banks has prompted scrutiny of large scale financial engineering arrangements and of the role of regulators.

CCEC has made a submission to the Ministry in September that attempts to ensure the potential for communities to continue to organize and provide themselves with financial services; using the co-operative model. CCEC is vocal in asserting that the credit union model, at the local level, is to be facilitated and not burdened with regulation. CCEC substantially endorses a consistent legal framework for all credit unions with transparency and accountability among the government authorities.    

Currently rated 0.0 by 0 people

Distraction, apathy and disengagement are rotting the foundation of western democratic traditions.  While it is tempting to repeat well known aphorisms about what a great place Canada may be, there is an underside of inequality, poverty, plunder and amorality that is both present and ominous.  For many, the challenge of these political 'realities' provides purpose and for many others this emerging global corporate empire is overwhelming.  

But the temptation to watch sports and reality TV, to binge in online games or HBO offerings, and to turn hotel chefs into celebrities is actually part of a a larger social pattern,  The Four Horsemen is a feature length documentary film that lays out a cogent and constructive overview of just what is going on; how certain ideas have become mainstream and blinded us, and how democratic institutions have been subverted.  The film, from the Renegade Economist  (Ross Ashcroft), features several notable thinkers and writers, including Joseph Stiglitz, Herman Daly, Noam Chomsky, and John Perkins.  

Notably, it outlines the need for local institutions and projects to counter this global 'financialization' project. It also emphasizes the need to participate, apathy serves the interests of the rich and privileged.   

 

Currently rated 0.0 by 0 people

The name CCEC comes from our early manifestation, the Community Congress for Economic Change, and the board has chosen to re-explore that 'economic change' dimension of who we are. Sometimes we can see ourselves as an innovator, an advocate, and a champion. Two terms that challenge us are economic democracy, and economic justice.  Over the coming few weeks we have a community organizer meeting with a number of community groups, members and non-members, to get a reading on how people see things in our contemporary world and where CCEC can take action.

Some members may receive invitations to meetings. The conversations are expected to generate good inputs into the Board planning work scheduled for later this year. At the same time, we invite input from all members. CCEC has the potential to seed change - by being vocal, by being innovative, and by being compassionate.  We'll provide updates!   

Currently rated 0.0 by 0 people

Search

Recent Posts

Comments: 0
Rating: 0 / 0
Comments: 1
Rating: 0 / 0
Comments: 0
Rating: 0 / 0

Categories

Month List

home | memberdirectprivacy policy | contact | site map
© 2015 CCEC Credit Union. All Rights Reserved.