Member Update

You're Invited to our 39th Annual General Meeting

NOTICE IS HEREBY GIVEN for the

39th Annual General Meeting

of Members of Windsor Family Credit Union Limited (the “Credit Union”).
Information Meetings and Voting will take place in person on

Monday, September 18, 2023
Crowne Plaza, Kitchener, ON

AND

Wednesday, September 20, 2023
the St. Clair College Centre for the Arts,  Windsor, ON

Doors will open at 5:30pm, and the meetings will commence at 6:30pm.
Information placed before the Membership on September 18, 2023 and September 20, 2023
will be voted on by show of hands at the meetings.

Registration to participate in the 39th Annual Meeting will open at 9:00am on Friday, August 25, 2023 and close at 4:59pm on Monday, September 11, 2023.

Purpose
The purpose of the Annual Meeting is to receive and vote on the Annual Report of the Board of Directors and President & CEO; the Report of the Treasurer on the Financial Statements; the Report of the Auditor; the Report of the Audit Committee; the Report of the Nominating Committee; the Appointment of the Auditor; the Election of Directors; the Special Business placed before the Members regarding amendments to the Credit Union’s Bylaw No. 1; and to transact such other business as may properly come before an Annual Meeting of Members.

Election of Directors
This year, there are two (2) vacancies on the WFCU Board of Directors, with both positions for a three-year term.

The Nominating Committee of the Board of Directors has successfully completed their role in ensuring that there are a sufficient number of qualified applicants to fill the two (2) positions.

The following Members put forth their application by the deadline of noon on Friday, June 16, 2023, and met the requirements of the candidate application and nomination process.

Vic Neufeld            Dr. Patti France

No election of Directors will take place at the Annual Meeting and no further nominations will be accepted. Therefore, Members will be asked to receive the report of the Nominating Committee and to elect the two (2) candidates by acclamation. Click here for more information regarding the candidates.

Special Business
The new Credit Unions and Caisses Populaires Act, 2020 (“the Act”) came into force March 1, 2022, and is effective for all Ontario credit unions. The Financial Services Regulatory Authority (“FSRA”) regulates credit unions through this new principles-based statutory framework by administering regulations and rules, such as the new Sound Business and Financial Practices Rule.

The intent of the amendments to the Act, Regulations, and FSRA Rules is to enable credit unions to better serve their Members and remain competitive in the financial services marketplace while preserving the soundness of the regulatory system.

To address the amendments to the Act, the Credit Union Bylaw was reviewed, updated and amended.
By way of a special resolution, the Board of Directors will be recommending the amended WFCU Credit Union Bylaw No. 1 to the Membership.

DATED THE 24th day of August, 2023     
BY ORDER OF THE BOARD
        
Susan Stockwell Andrews
Corporate Secretary

Notes
  1. The proposed amendments of the Credit Union’s Bylaw No. 1 are subject to approval as special resolutions of the Membership of the Credit Union. A special resolution cannot be amended. A copy of the proposed Special Resolution, an explanatory note of the amendments to Bylaw No.1, and the Board’s reasons for proposing the amendments are available at all branches and WFCU’s Head Office, as well as via www.wfcu.ca, as of September 1, 2023.
  2. As directed and as stated in the Credit Unions and Caisses Populaires Act, 2020, “the credit union shall make copies of the audited financial statements, the auditor’s report and the audit committee report available for inspection, by any member, at the meeting at which the statements and reports are to be placed before the Members and at the offices of the credit union and electronically at least 10 days before the meeting.” Eligible Members wishing to inspect the audited financial statements are asked to contact Susan Stockwell Andrews, Corporate Secretary at [email protected] to arrange an appointment to do so.
  3. Members of the Credit Union attending the meeting must register to attend.
  4. Only Members according to the records of the Credit Union as of August 24th, 2023 (the “Record Date” according to the Credit Union’s Bylaw No. 1) shall be entitled to vote at the meeting.

September 14, 2023

New Transaction Handling Procedures
Beginning on October 3, 2023, WFCU is implementing enhanced procedures related to the handling of cash and cheque transactions, in support of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulatory requirements. These procedures support the government’s efforts to strengthen financial transaction reporting in defence of money laundering and terrorist financing activities, while contributing to improved security for WFCU members.
 
Members will now see cash and cheque deposits posted separately within their accounts and reflected accordingly on their monthly statements. Additionally, for all cash deposits, details of the individual making the deposit will be required and recorded unless already noted on the account. If you have questions regarding these enhanced procedures, please visit your local branch or call our Member Contact Centre at 519-974-3100 or toll-free at 1-866-500-WFCU (9328).

August 16, 2023

One-Time-Passcode Text Message Scams Are On the Rise
Across a number of financial institutions, we have been made aware of bad actors attempting to acquire members' banking information through a text message scam. Members of the public have received a text message that contains unrequested One-Time-Passcode information. While these messages do not contain links, they may include a “Reply if opt-out is desired” option. With this, fraudsters are attempting to identify people and collect their phone numbers by getting them to reply to these text messages.

If you receive an unprompted One-Time-Passcode authentication message from an unknown source, it is important to take the following steps:
  1. Do not respond to the One-Time-Passcode message or share any personal information.
  2. Contact your financial institutions, such as banks or credit card companies, to alert them of suspicious activity and to check if any unauthorized transactions have been made.
  3. Consider blocking the number that has sent the One-Time-Passcode or reporting them to your mobile service provider.
  4. Be cautious of unsolicited emails, phone calls or text messages asking for personal or financial information.
  5. Keep a close eye on your bank statements and credit reports for any unusual activity
If you suspect that you have been a victim of financial fraud, you should also report it to the relevant authorities, such as the police and the financial institution involved. Taking quick action can help prevent further damage and protect your financial security!

August 16, 2023

Three-Partner Merger Update
In February 2023, the Boards of Directors, through the Joint Partnership Committee of WFCU Credit Union, Northern Credit Union, and Copperfin Credit Union, engaged in exploratory discussions to determine the potential of a three-partner merger. A defined framework, including key milestones and timelines, helped assess the potential benefits, risks, and overall alignment between the three organizations. After thorough analysis and deliberation, we have decided not to proceed with a three-partner merger between WFCU, Northern, and Copperfin.

WFCU continues to evaluate potential partnership opportunities that will enhance the member experience and support the growth of the Credit Union.Please direct any questions to [email protected].