Toronto, ON – July 17, 2025 — The Energy Credit Union Limited has achieved a historic milestone by becoming the first credit union in Ontario to join the Ombudsman for Banking Services and Investments (OBSI). This groundbreaking move underscores the Credit Union’s unwavering commitment to transparency, accountability, and the protection of its members’ rights in an increasingly complex financial landscape.
OBSI is Canada’s independent and impartial dispute resolution service for banking and investment complaints. It provides consumers with a free, accessible, and fair process to resolve issues they are unable to settle directly with their financial institutions. By joining OBSI, The Energy Credit Union is reinforcing its dedication to member advocacy and setting a new standard for credit unions across the province.
“We are proud to be the first Ontario-based credit union to join OBSI,” said Diane Kocet, CEO of The Energy Credit Union. “This step reinforces our dedication to protecting our members and ensuring they have access to fair, independent, and trusted resolution services. It’s about doing what’s right for our members and leading by example.”
While The Energy Credit Union has long maintained a strong internal complaint resolution process—guided by a comprehensive Market Code of Conduct policy and a deep-rooted commitment to resolving issues in the best interests of its members—this new partnership with OBSI will further enhance those practices. It introduces an additional layer of assurance and transparency, giving members confidence that their concerns will be addressed with fairness and impartiality.
This strategic move also comes at a critical time as Canada prepares for the broader implementation of Open Banking. Open Banking is expected to transform the financial services industry by enabling consumers to securely share their financial data with third-party providers, fostering innovation and competition. However, with this increased data sharing and the introduction of new financial technologies, the industry anticipates a rise in both the volume and complexity of member complaints.
By proactively joining OBSI, The Energy Credit Union is taking a forward-thinking approach to this shift. It is ensuring that its members are not only protected but also empowered in this new era of financial services. The Credit Union is positioning itself as a leader in consumer protection, ready to navigate the challenges and opportunities that Open Banking will bring.
“This isn’t just about compliance—it’s about leadership,” added Kocet. “We’re anticipating the needs of our members and putting the right supports in place before they’re even needed. That’s the kind of service standard we believe in.”
As the financial services environment continues to evolve, The Energy Credit Union’s pioneering step may pave the way for more Ontario credit unions to adopt similar standards. This move strengthens the overall framework of consumer rights and dispute resolution in the province and reinforces the Credit Union’s role as a trusted, member-first financial institution.
