Mr. Kieron Brennan:

You made a good point, Chairman, at the beginning of your statement. The Commission on Credit Unions set out a dual approach. One was to strengthen the regulatory framework for credit unions and the other was to enable them to do more of what they should be doing, particularly as the country needs it for recovery and so forth. What has happened at this point is that we have had one piece very fully implemented, which is the regulatory regime. It is very fit for purpose, but we must be careful that we do not have credit unions that are so well regulated that they cannot perform the function we want them to perform. Also, there remains an expectation among credit unions, both from the commission and as you indicated in your contributions during the debate in 2012, that there would be an enabling piece. It is not simply about stricter regulation, but enabling credit unions to do more, such as the subject we are discussing today. Let us collectively agree with the regulatory authorities and others involved on how we go about doing this in a collective and consistent manner. That should be happening.