The provincial government is hoping to modernize certain portions of The Credit Union Act to help credit unions keep up with the ever-changing financial institution sector.

A release from the province says the amended Act would authorize certain responsibilities to be delegated by a credit union board to employees, clarify how deposits are paid out when a membership is terminated, revise the membership termination and appeal processes to clarify requirements, and allow the board of the credit union to specify the form of submissions that a terminated member may make when appealing a membership termination decision.

Justice Minister and Attorney General Tim McLeod says “These amendments are meant to streamline and clarify requirements, making it easier for Saskatchewan credit unions to operate. This benefits both credit unions and consumers.”