A federal announcement made late last month will restrict non-banks from using the words 'bank,' 'banking' and 'banker,' however for the Innovation Credit Union, it's business as usual.

The statement was issued by the Office of the Superintendent of Financial Institutions (OSFI) on June 30 to combat the growing number of non-banks portraying their services as banks.

OSFI says it issued the decree to enforce the Bank Act's prohibition of the use of the words or verbiage.

"When we first learned about the official announcement, of course, we were disappointed, but we needed to learn more about what it means," Dan Johnson CEO of Innovation Credit Union said.

The order will force all non-banks to remove all uses of the word "bank" from their websites by the end of 2017, from print materials by the end of June 2018, and from physical signage by the end of June 2019.

"Our biggest focus is not to get caught up in a lot of of these things," Johnson added. "We really find when we get caught up in these efforts, it takes our eye off what's important, and that's our members."

As for the actual cost for the Innovation Credit Union to comply with the latest enforcement of the bank act, Johnson noted they're still trying to figure that out.

Currently, the Innovation Credit Union has over 40,000 members, employees approximately 400 staff with Advice Centres located in 22 communities throughout the province.