CUDIC has outgrown legacy legislation and FICOM’s shadow. CUDIC is responsible for deposit insurance of a C$77 billion industry that is used by almost half of British Columbians. Larger than most Canadian credit unions then it warrants full-time, permanent executive leadership. Larger than most B.C. Crown Corporations then it deserves independent, empowered and accountable governance oversight.

There are seemingly three policy options for deposit insurance for B.C. credit unions - Maintain unlimited coverage, Reintroduce limited coverage, Seek provincial alignment. There does not appear a right or wrong policy. But there are policy choices and resultant implications for the B.C. credit union system.

A policy of unlimited deposit insurance may have significantly supported system growth and membership confidence. But it is unknown outside of Western Canada, may cause moral hazard, and may be increasingly expensive to credit unions in terms of earnings, capital and compliance.

Prince Charming used but a glass slipper and unerring faith to find his true love Cinderella. Governance bodies may need to take a more sophisticated, pragmatic and urgent approach to recruit permanent system leadership.

To advance impactful, perhaps disruptive, change then permanent leaders must be bold, persistent and persuasive. There will inevitably be doubters, detractors and stallers. Were the changes easy, they may already have been implemented. Visionaries wanted.

There is currently a void of permanent leaders at system-level organizations that impact B.C. credit unions. All leaders of credit union centrals and relevant provincial government entities are currently appointed on an interim, acting or retiring basis. Unquestionably improbable but such are circumstances. Individually each leader has system influence but collectively they wield transformative impact.

In the movie ‘Good Morning Vietman!’ then Robin Williams encouraged troops and energized betterment. Coast Capital Savings Credit Union CEO, Don Coulter, may have executed a similar feat. Though the recent member approval of its federal credit union strategy then Coast Capital Savings has arguably broadcasted ‘Good Morning Canada!’ to the national financial services industry. It seems that industry is listening to the broadcast. A battle may loom, even if the troops wear business attire rather than army uniform. To the victor goes the right to serve members, a group that may be the primary beneficiaries of forthcoming phase of industry evolution.