a

10 - The Terrace Standard, Wednesday, October 12, 2005

‘Former credit union»
_ manager drops

_ hearing request |

FORMER TERRACE and District Credit.

Union manager Valerie Gauvin who left
. her job under.a cloud this spring has given
up her plan fora hearing i in which, she was
‘expecting | to clear lier name.

Gauvin was to go before a hearing held
- by the provincial government’s Financial
Institutions Commission at the end of this
month to convince it that it was wrong in
“Suggesting she contravened lending policies
. éstablished by the credit union.

Speaking last week, Gauvin said: the
.. preparations for a hearing had already cost
her $15,000 ‘and she would ‘have had to

pay at least. another $28,000 to cover the.
_ Commission’s cost had there been a hearing. ’
“Unfortunately the. system is set-up

_in a way that I can not afford to go to the
hearing,” said Gauvin. . -.

She instead signed an undertaking with
‘the commission to not work. as an officer in
a credit union in the province of B.C. for.a
_ Period of six years. °

- The Sept. 26 agreement means she can-
‘not work as a person with signing authority,

‘lending authority or investment authority.

. The order also says Gauvin may apply to.

the commission to have s some of the stipula-
: tions revoked, ° : ,

The’ agreement. “comes months after
:Gauvin had requested .a hearing after com-

“mission auditors indicated she had approved
-: loans. for a commercial client, the Northwest —

“Weekly, that. exceeded the credit union’ s
"permitted Joan allowances,
The ‘investigation also claimed ‘Gauvin.

_ ~ misrepresented her family income in order

. to qualify for an.extension on a personal

“mortgage. -

Attending the hearing would have given
- Gauvin the opportunity to present any infor-

“ mation to the superintendent that may have

"changed. his intention to have her removed ©
_asan officer in ‘the credit union.
* Gauvin' says. signing the agreement in

“no. ‘way should be’ taken as an admission of

vs emmgoe | *

onth walk =) os g os

i
-mon

“Unfortunately the system i is set up ina

. -way that I can ‘not afford'to go to the hear-

‘said Gauvin. 5

Gauvin says the facts laid out in the origi-
nal intended order did not represent the full
picture of the events that led up to her ulti-

‘mately being laid off from her position and’

the credit union being put under supervision
by the central provincial credit union.

“All of the details in the order are very
one-sided and if given the opportunity I

- could refute every single item except one,”

she says. °

' - That one issue was what Gauvin called
a “work out” situation with the Northwest
Weekly newspaper which was in financial
trouble, she said. It has’ since gone out of .
business.

“We. extended a little bit more to try to
help them get over a difficult period in their
business,” she says, adding she later realized
that the extension exceeded the allowable
_ amounts permitted by the credit union.

* ‘Adding to the perception of wrongdoing
"was that one of the owners of the Northwest
Weekly, Ron Bartlett, also sat on the credit
union’s board of directors at the time the

, increased loans to his company .were rec-

. ommended for approval by.Gauvin and the
board. ° ,
“The punishment does not fit the crime,”

- she says. “My” reputation and my ability to
_ work in the credit union’ system is shot.”

Gauvin says she feels badly that Bartlett
was caught up in an investigation that was »
- centered around her actions.

“There was absolutely no wrongdoing on-
his part,” she said. “In fact, his loans came
under greater scrutiny because he was a
member of the board.”

“Since then he’s lost his job and position

. with other boards,” she says. “If there was

anything I could do to fix that I would.”
Gauvin has since sent a letter to Carole.
Taylor, the provincial minister Of finance re-
questing that she review the powers of the
Financial Institutions Commission when,

it comes to dealing With people accused of |

wrong doing. She says the system is set up

so that the accused is presumed guilty. until .
she or he can prove otherwise — at their cost. -
-And that the accuser is also the judge and.

jury.

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