A special meeting for Innovation Credit Union members took place last night at the Swift Current Legion Hall.

     The meeting, and another one Wednesday night in the Battlefords, were called to address member concerns.  The concerns were brought forth after a management restructuring in the fall saw three managers leave, and the start of regulatory supervision from the Credit Union Deposit Guarantee Corporation, who is the regulator for Credit Unions in Saskatchewan.

     Garth Melee, the CEO of CUDGC, says the supervision does not indicate any trouble with the Credit Union.  He says they are quite confident that the Credit Union is meeting all of the requirements established by the regulator, and he commends the Board for aiming to operate above those standards.  He adds that it's not a situation where there is a particular concern of non-compliance, but certainly recognizes the Board's desire to remain in compliance moving forward.

     One of the concerns from members in the two meetings was whether the restructuring decisions were biased toward a particular region.  The Board's First Vice President Russ Siemens says the entire 10-member Board was involved in the decision, and it has been reviewed by CUDGC and an external lawyer.  He adds, it was found to be in good governance practices, and the decision is binding.  The Board consists of five members from the south region, and five from the north region.

     Siemens adds that it's still business as usual, and the Credit Union remains a strong financial institution, well-positioned to be more successful in the future.  He says their deposits are continuing to grow, and they are in the process of restructuring their management so they can be in the strongest position of compliance with the regulator.