Exploring a Métis Credit Union

FAQs

• What is a credit union?

  Credit unions are not-for-profit cooperative financial institutions owned by their members. Similar to chartered banks, they provide traditional banking services, such as accepting deposits and making loans. However, unlike chartered banks who return their profits to their shareholders, credit unions return their profits to their members in the form of better interest rates or other benefits.

• What does membership in a credit union mean?

  Members of a credit union have the right to access information on how the credit union is doing, vote for board directors, and vote on special resolutions that impact the credit union, among other benefits.

  As part of the feasibility study, we are exploring who could become a member of a Métis credit union.

• Would MNBC own the credit union?

  No, MNBC would not own the credit union. Credit unions are owned by their members; there is no corporate ownership or control by any single group. A Métis credit union would be governed by a Board of Directors who would be elected by the credit union members.

• What are the potential benefits of a Métis credit union?

  • Support economic development and self-reliance of Métis people and businesses.
  • Raise the profile of Métis people in B.C. and proudly show our strength as a nation.
  • Provide access to financial services, literacy, education, and possible programs that are responsive to the needs of Métis women, 2SLGBTQQIA+, youth, and Elders.
  • Ideally staffed by Métis employees who understand the culture and needs of the Métis people.
• I would prefer to complete a paper copy of the survey. Who do I contact?

  Please connect with your local Chartered Community.

• Are there other ways I can get involved and share my thoughts?

  Another key way we are gathering input from Métis people is through small group discussions. After completing the survey, there is a box you can tick to indicate interest in participating. Click here to open the survey. We plan to hold these meetings in a number of different regions as well as online, and are looking for diverse perspectives (women/men, youth, seniors/Elders, 2SLGBTQQIA+, business-owners, urban/rural residents, etc.).

• How will my input be used?

  The information gathered through the survey and the focus groups will be evaluated and provided as a report to the Credit Union Exploratory Committee (a committee of the MNBC Board of Directors) for consideration. Once the report has been reviewed and next steps are determined, we will share information back to Chartered Communities and Métis people in B.C.