Mr. Joe Mulvey:

Yes, this would reinforce the idea in the legislation that the board oversight committee would be provided with all necessary documentation and facilitated in doing its work, which is overseeing the operation of a credit union from a governance and compliance point of view. We are just trying to make sure we are dotting the i's and crossing the t's while the Bill is at this stage.

I must stress we welcome the general Bill but these are small issues that could be dealt with at this point. They are not going to rock the boat but safeguard, heretofore, procedures that worked for the credit unions, their supervisory committees and their members. The supervisory committee is there as the watchdog for the members and is the channel through which any irregularities or difficulties can be brought to the attention of the Central Bank. With the way the Bill is drafted, there is a potential to erode that role to a certain degree. We are trying to copperfasten our role in the credit union movement.