Suspended SFXCU Board Wants Answers from Registrar

Members of the Board of Directors of Saint Francis Xavier Credit Union say they are concerned with the way the Registrar of Credit Unions is managing the institution’s funds. Viewers will recall that the board was ousted by the Registrar back in March 2023, following an audit of the credit union. That audit reportedly showed several deficiencies in the management of the credit union, as well as breaches of the Credit Union Act. The suspended board challenged the registrar’s takeover in court and lost. They have indicated that their intent is not to appeal the ruling. They are, however, questioning some of the decisions that they say are being made at the credit union currently. Here is what Everaldo Puk, the credit union’s suspended Chairman told reporters on Monday.

 

Everaldo Puk, Suspended Chairman, SFXCU

“We need to inform our members as to what has been occurring in the credit union and these are things which we have been learning from members who are coming out of the premises after having approached the personnel in there for different services. And one of the first things that we understand is that there are loan restrictions now. So, once you owe a balance you just wouldn’t qualify and go for a new loan which we would call refinancing, that’s completely out. In some cases, people who have the amount of savings that would cover the loan would still have their application denied, not contemplated at all because they say if you owe any balance, you just won’t qualify for any further loan. Our credit union has always been known for its willingness to contemplate assisting in emergencies now there have been several members that came out from the offices saying, ‘I went in there, I had an emergency, and I was told no there is no loan for emergencies.’ Fees for services rendered there have gone up and what really concerns us also is we look at major renovations going on without an approved budget and yet these are renovations that may be going contrary to already established plans.”