The News Room
ACU Advises the House of Commons
In July, Assiniboine Credit Union was invited to make a presention to the House of Commons Special Committee on Co-operatives, which is studying the status of co-operatives in Canada and what the Canadian government can do to strengthen the sector.
Nigel Mohammed, Director of ACU's Community Financial Centre, spoke about ACU's creation as a financial co-operative in 1943, provided examples of our distinctive approach to working for the betterment of people and the planet, and shared our experiences in serving the co-operative sector in Manitoba.
He then spoke specifically to the ways in which ACU supports the development and success of non-financial co-operatives, which, like credit unions, were formed by people who came together to address a shared concern.
"Owned and democratically controlled by their members, co-operatives play an important role in Manitoba's economy. Beyond creating jobs, they collectively address important social and environmental issues and ensure affordable access to essential goods and services in many sectors. Many serve the needs of specific economically marginalized groups such as Aboriginal people, immigrants, youth. In 2007, there were over 260 non-financial co-operatives in Manitoba. Of these, 70% were providing housing, daycare and other important services. Recognizing the important contributions that these co-operatives make to the local economy and to our communities, Assiniboine looks for opportunities to support their success."
He gave the recent examples of Peg City Car Co-op and River Avenue Co-operative Daycare, and highlighted the role ACU played in their start-up and ongoing success.
Mohammed went on to advise the committee of common barriers to financing co-operative development and recommended potential solutions to be considered by the Government of Canada.
Nigel Mohammed, Director of ACU's Community Financial Centre
"In closing, on behalf of Assiniboine Credit Union, I would like to thank the Committee for the opportunity to share our experiences and observations in serving the co-operative sector in Manitoba. We are encouraged by the mandate of the Special Committee on Co-operatives and look forward to hearing your recommendations for strengthening the co-operative sector in Canada."
The full transcript of the presentation to the House of Commons Special Committee on Co-operatives is available here.