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News Now

CU System
Ceasedesist order vs. Manitoba-based CU in Saskatchewan
REGINA, Saskatchewan (11/23/10)--A credit union based in Manitoba has been issued a "cease and desist" order for soliciting business in Saskatchewan but calls the order a mix-up (cbc.ca Nov. 20). Sunova CU, of Selkirk, Man., was issued the order on Thursday by the Saskatchewan Financial Services Commission, which said the credit union was advertising in Saskatchewan under the name of Hubert Financial or Happysavings.ca. The credit union doesn't have a provincial license to operate in Saskatchewan, the commission said. The credit union's website suggested the order is a mix-up. "While we can accommodate members and deposits from other provinces (and ensure their deposits are 100% guaranteed), the rules around how we can advertise our products and services get a little sticky," said a notice on the website. The credit union said it will refine its advertising to "ensure the working is A-OK with regulators from all provinces."


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