Friday, October 16, 2020


Today marks the last day of co-op week, a time to reflect on the success of the co-op model in today’s society. It is important to celebrate this success because, unlike other business models, co-operative enterprises provide benefits to a wider group of stakeholders. Traditionally, co-ops were formed to meet a community need, however today they are thriving businesses competing in many industries.

Many co-ops compete shoulder-to-shoulder with ‘traditional’ businesses and, on the outside, they may appear to be just like any other business. The key difference, however, it in the very DNA of the co-operative model. Co-ops have a mandate to improve the lives of people and the communities in which they live while delivering a good or service. The co-op model also provides ownership in the business so the very users of the service can influence the strategic direction of the organization.

One of the most common misconceptions about co-operatives is that they are all non-profits. While there are many non-profit, community services co-ops out there (our own Growing Our Future Childcare Co-op is one example), many co-ops are thriving businesses that must focus on sustainable profit. The difference with co-ops is in what they DO with the profit. Co-ops are ‘profit for purpose’ organizations and they have mandates that their profits must serve the greater good of their stakeholders in line with the seven co-operative principles.

Imagine for a moment, a banking system where people would be provided the best advice, competitive pricing, access to all the products and services they need, AND that organization would in return help your community through donations, leadership and volunteerism. To even add more value, imagine that if that banking institution at the end of the year recorded surplus earnings, you would receive a portion of that surplus back. Also imagine that if you didn’t like some of the activities that the business was doing, you could voice your concerns and the entity would actually listen.

I’m happy to tell you that this “unicorn” bank actually exists; it’s a credit union. In Canada, there are 1,173 credit union locations representing $260 Billion in assets serving 5.88 million members. In Newfoundland and Labrador, there are 62,000 members of credit unions.

The co-op model works. And not only do we need more co-ops in this province, we also need more people to support the existing co-ops and credit unions so more good can be done. Here at Leading Edge Credit Union, we encourage members to continue to recruit friends and family to become members of the credit union and share in our success. We will continue as a financial co-operative to provide members honest advice while working towards ways to improve our communities. The support that each member provides by continuing to do more business with the credit union further cycles the benefits back to members and their communities.

Happy Co-op Week, everyone!




Thursday, April 2, 2020


During such uncertain times, our thoughts turn to the essentials. At Leading Edge Credit Union, our priority is the health and safety of our members and employees - and we want to ensure you receive the financial services you need in the safest way possible.  
You will notice that we are limiting the number of members who are able to be in the branch at any one time and we are also temporarily changing our in-branch banking service hours to 11:00 am to 3:00 pm, Monday to Friday. This decision was made in the best interest of everyone, but I want to assure you that we remain open and able to support our members, over the phone, weekdays from 9:00 am to 4:00 pm. And, as always, our online, mobile, and telephone banking services are available 24 hours a day, 7 days a week. To learn more about how we can provide you with safe and convenient banking services, please call us, message us on social media or visit us at 
At this highly stressful time, we feel that it is our job to help our members focus on what is important: the health and well-being of themselves, their families and loved ones. Some of you may be facing financial hardships as a result of the COVID-19 pandemic. I want you to know that you can count on us to work with you to find solutions to your financial needs. As always, we are here to help you, your businesses and our communities.  
I’d like to take this opportunity to say thank you, our members for their incredible support in helping us reduce the risk of spreading COVID-19 by practicing physical distancing and embracing new forms of banking. Our strong sense of community and willingness to make sacrifices for the common good will get us through these challenging times. I also want to thank all of the incredible front line workers in our communities whose dedication and sacrifice make life better, and safer, for everyone.  
And finally, I want to thank our staff. Our world has changed but our members’ need for honest and trustworthy financial services remains. Our professional and dedicated staff are committed to being there for our members. Time and time again, our members have told us that one of the most important reasons they chose to bank with us is our people. To honour their commitment, we are giving back to our staff by reducing their work hours to give them extra time off, with pay, to care for themselves and their loved ones. 
These are unprecedented times, but we are resilient people and, together, we will get through this. On behalf of myself and the Board of Directors of Leading Edge, stay safe and healthy. 

Thursday, January 10, 2019

Board Election

Credit Unions.  Banks.  In a lot of ways, there are more similarities than differences.  We both offer similar products and services: chequing and savings accounts, loans and mortgages, investment products, and online and mobile banking options.  But there are several key differentiators that set credit unions apart from chartered banks….

Hi, I’m Cory Munden, CEO of YOUR Leading Edge Credit Union.  Did you notice how I said “your” credit union?  That’s because, as a shareholder, you are also an equal owner.  Credit unions are member-owned, democratically-controlled co-operative financial institutions. They are run by a volunteer board of directors elected by the membership. Each shareholder has one vote. By contrast, bank customers don't have voting rights, can't be elected to the board, and have no control over what the bank does.  The governance of credit unions is in the hands of its members.  In fact, it is one of the seven co-operative principles that guide the operations of all credit unions.  The seven principles are:

à Voluntary and Open Membership
à Democratic Member Control
à Member Economic Participation
à Autonomy and Independence
à Education, Training and Information
à Co-operation among Co-operatives
à Concern for Community

I could go into detail about how Leading Edge Credit Union lives each of these principles, but perhaps that is a topic for another time.  For now, I’d like to focus on one: democratic member control.  This brings me to the reason for this message to you (thanks for reading, by the way).  With our annual general meeting just around the corner, between now and January 25th, Leading Edge Credit Union will once again invite our membership to consider serving on the board of directors.  “What do the directors of a credit union do?” you might ask.  Well, as policy makers, directors are instrumental in effecting positive changes, which ensure growth and development for their Credit Union and community. Directors often provide a fresh look from a different perspective, assisting a credit union in being responsive to member needs and leading to technological innovation and new services.  It is important for a Credit Union to have a strong board consisting of a diverse group of people. Directors come from all walks of life... teachers, trades people, homemakers, farmers, nurses, and business professionals — just to name a few. If you believe financial institutions best serve the people who use their services every day and the communities in which those people live, you can make a real contribution; you can help your community prosper!

Board service is not without its benefits to you, the individual.  It offers excellent professional development opportunities, the ability to personally contribute to enhancing your community’s own financial institution, the opportunity to participate in local, regional, national and international networking opportunities, and training through an accredited national directors training program.  At Leading Edge Credit Union, we can also do our very best to accommodate your busy schedule.  Many of our directors take advantage of technology to participate in meetings.  As a director, you would receive an annual remuneration, and all board related expenses are covered at no cost to you.  You would also benefit from insurance coverage to protect against personal liabilities.

Credit unions are driven by both economic and social concerns. They are community-based organizations that care not only about the bottom line of their business, but also the needs of their members and the quality of life in their communities.  I strongly urge you to consider the role that you could play in guiding Leading Edge Credit Union into the future.  For more information on our upcoming election, please call our corporate office at 695-7065 or visit our website at  I look forward to hearing from you.  Together we can ensure that Leading Edge Credit Union continues to be the best option for financial services for its member-owners!