Federal Budget allows credit unions to grow, compete federally

Canada’s federal budget would allow credit unions to become national, thus allowing them to grow and compete with banks — but will it also allow them to compete with insurers?
In its budget documents, the Department of Finance Canada says it intends to introduce “a legislative framework to enable credit unions to incorporate and continue federally, which will promote the continued growth and competitiveness of the sector and enhance financial stability.”
Currently, credit unions are only allowed to incorporate themselves as provincial entities, thus reducing the size to which they might expand.
Insurance brokers across the country have been trying to prevent credit unions from extending their powers into the realm of being able to sell insurance out of their local branches.
Bloomberg reports that “under the proposed changes, credit unions would face similar rules as banks, giving them a chance to offer new products, while facing the same ban as banks on selling insurance in branches.”