“Tough new mortgage guidelines announced last month by the federal banking regulator are aimed at letting some of the air out of Canada’s over-inflated housing market. The trouble is, some of the rules don’t affect credit unions, which make up a significant chunk of the consumer loan market in British Columbia, Quebec and other provinces.

That’s because credit unions, as provincially regulated institutions, are not part of the jurisdiction of the Office of the Superintendent of Financial Institutions.” (Financial Post: July 7, 2012).

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http://business.financialpost.com/2012/07/12/credit-unions-escape-new-mortage-rules/

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