Let’s remind Vancity what ethical banking really looks like.
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Subject:
Has Vancity Lost It's Way?
Financial anxiety is at an all-time high. So is public mistrust of powerful institutions – and banks are no exception. As a credit union that positions itself as the alternative to Canada’s Big Five, Vancity should be the financial institution that BC residents can count on to insulate locals against global economic upheaval. However, I fear that I have lost confidence in your credit union’s will to do this. I question its credibility now that I know the Board is not living up to the “progressive employee relations” and “socially....responsible business practices” that it claims to value. In bargaining, you are denying your own workers (who are also Vancity members) financial security, in part by seeking full control of their pensions. Your website says Vancity was founded on values, but I do not see the Board honouring this legacy. Joint-trusteeship ensures that pensions remain responsive to the needs of all contributors. Your insistence on dictating your workers’ pension seems out of character with the co-op ethos that Vancity touts, and it leaves me with several questions: How can I trust that Vancity is responsive to members and acting in their best interest when the Board does not do the same with its workers? How can I trust that you’re providing the best possible financial advice when you’re denying workers the right to have a say in how their pension plan is run? We need community banks. We need to build local economic resilience. But to remain relevant and competitive, Vancity must represent the entire community, which includes its workers. To truly serve a diverse clientele, you need to be able to attract and retain a diverse (and robust) workforce. You can only do this with a fair contract. I urge Vancity to restore our confidence in its values-driven ethos and provide a contract worthy of an institution that self-describes “as a catalyst for the self-reliance and economic well-being of our membership and community.”
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