Canadian Credit Union Association Calls for Faster, Fairer Merger Reviews in New Report
OTTAWA, Sept. 15, 2025 (GLOBE NEWSWIRE) -- In a financial landscape increasingly dominated by big banks, FinTech disruptors, and global tech giants, Canada’s credit unions are working hard to remain competitive and community-focused. Today, the Canadian Credit Union Association (CCUA), with the support of MLT Aikins LLP, released a landmark report, Stronger Together, Sooner, a Roadmap for Faster and Fairer Credit Union Merger Reviews. The report issues a clear call to action: Modernize the outdated merger approval process that is slowing credit unions’ ability to grow, innovate, and meet the evolving needs of Canadians.
The report warns that the current merger review process is too slow, overly complex, and ill-suited to today’s digital-first economy. Multiple layers of regulatory approvals—often stretching over a year—create costly delays that hinder innovation, erode competitiveness, and risk leaving communities with fewer financial choices. The existing “one-size-fits-all” approach focuses too narrowly on competition between credit unions, ignoring the reality that they compete daily with banks, FinTechs, and tech giants.
“Every credit union merger must be approved by its members—the very Canadians the Competition Bureau exists to protect,” said Jeff Guthrie, President and CEO of CCUA. “Regulators should respect that democratic mandate by streamlining approvals, reducing red tape, and ensuring the process reflects the realities of today’s financial market.”
CCUA emphasizes that the process is overly burdensome, with multiple layers of regulatory approvals that vary depending on the type of merger, creating significant delays that undermine innovation and operational efficiency.
“This is about giving credit unions the tools they need to compete on a level playing field,” Guthrie added. “For the credit union sector to remain relevant to Canadians, they need to be able to operate at a level of scale that can support investments in new technologies and services that many credit unions cannot do alone today.”
Among its main recommendations, the report calls for member-approved mergers to receive immediate clearance from the Competition Bureau without a full review. If any assessment is required, it should only be focused on those communities that will be left without service options – and even then, the Bureau must consider the broader impact of the merger on the viability of the combined operation.
“A streamlined merger review process will help credit unions grow, innovate, and continue delivering the personalized, community-focused services Canadians value,” Guthrie added.
Without these changes, CCUA warns that needed mergers could be delayed or derailed and notes that legislative reform may be necessary if regulatory approaches do not evolve.
The full report can be viewed here.
About Canadian Credit Union Association
The Canadian Credit Union Association (CCUA) is the national trade association for Canada's credit unions and caisses populaires, excluding the Desjardins Group. Canada’s 169 credit unions and caisses populaires are leaders in small business lending and hold $315 billion in assets. Learn more at www.ccua.com.
About MLT Aikins LLP
MLT Aikins LLP is one of Western Canada’s largest law firms with offices in each major regional centre. The firm has been a leader in supporting credit unions throughout their lifecycle, including acting on some of the largest credit union mergers in Canadian history. Our team brings together knowledge and experience in cooperative governance, financial services, technology, and competition law to support clients with integrated legal solutions. Learn more at https://www.mltaikins.com/who-we-serve/credit-unions-cooperatives/.
For media inquiries: Canadian Credit Union Association Email: communications@ccua.com
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