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CREDIT UNIONS - Deposits

Friday, August 17, 2018 @ 8:47 AM  

Appeal by the Financial Institutions Commission from a decision setting aside the Commission’s finding that the respondent was carrying on an unauthorized deposit business by the use of registered pre-paid credit cards that could be used with ATM machines. The Commission relied on the definition of deposit business in the Financial Institutions Act. The Commission determined it was not necessary that the funds associated with each card be linked to a separate cardholder account in order to be considered deposit money and concluded the respondent was...