The vote for national expansion has been ongoing for 26 days now (only 17 remaining), and for the first time I have seen someone make public comments.
This Vancouver Sun article quotes Wayne Nygren, a former CEO of what was then called Credit Union Central B.C., as opposing the national expansion for several reasons, including:
- It would weaken Coast’s cash position
- The provincial regulator is preferable to the federal regulator
- Deposit insurance would be reduced
- Coast’s withdrawal would weaken the remaining B.C. credit union system
- Credit unions weren’t designed to be national organizations
The last reason—a socio-political reason—is by far the most important. The economic considerations are short-term and narrow in their vision. If we allow the debate to focus on economic/financial considerations, we’ll forget the real reason that the founders created the credit unions 75 years ago: to take control of their own destinies.
This lone dissenting voice after 26 days shows how the democracy is no longer functioning. A mere newspaper interview doesn’t give him a chance to explain his views, or for other people to debate.
Also, does anybody else wonder why Don Coulter, an employee of the credit union, has access to voting numbers part-way through the vote? This vote ought to be conducted by the Board on behalf of the members. Management should not be running it.