Ottawa says it is reviewing whether credit unions should be allowed to use the terms “banks,” “banker” and “banking” after the federal regulator that oversees financial institutions ordered them not to.In late June, the Office of the Superintendent of Financial Institutions (OSFI) issued an advisory prohibiting credit unions from using the terminology to describe their services.The Canadian Credit Union Association (CCUA) called the move unfair, saying it would make it difficult for credit unions to compete fairly with banks.The Finance Department said Friday it is seeking views on whether credit unions should be allowed to use “banking” and similar language when describing their services while still avoiding marketplace confusion and protecting consumers.The announcement came as the department launched the second stage of consultations on a broader review of the financial sector, which started last August.CCUA president Martha Durdin applauded the announcement, saying credit unions need to speak to the customers they serve in a way they can understand.OFSI issued a statement saying it is suspending its order that credit unions remove any banking references from their websites by the end of the year, from print materials by June 30, 2018, and from signage by June 30, 2019.The deadline to submit comment is Sept. 29. read more

TORONTO — Namaste Technologies Inc. has reached a settlement with its former chief executive who had taken legal action against the cannabis company over his abrupt firing earlier this month.The Toronto-based firm, which operates an e-commerce platform and a portal that connects patients with doctors, says as part of the agreement Sean Dollinger has withdrawn his application for an injunction against the company.Dollinger, who is also a co-founder of Namaste, has agreed to step down from all formal roles within the company, including as director, but will act as an adviser. Ousted CEO of Namaste Technologies threatens legal action ‘to set record straight’ Namaste Technologies plunges 21% after it fires CEO and launches strategic review Namaste fires CEO, starts strategic review of the cannabis tech company He says the deal is in the best interest of Namaste stakeholders, and during his advisory period he will provide resources and skills to contribute to the company’s “future success.”Earlier this month, shares of Namaste plunged after it announced Dollinger’s firing, plans to take legal action against him and a strategic review process to examine its options including a sale.Dollinger then moved to prohibit his termination without a “proper process” and called for the company and certain board members to retract a news release announcing his firing. read more