Canada’s largest credit union is backing away from a controversial proposal to pressure customers to agree to higher interest rates on their lines of credit.

Vancity had sent letters to 18,000 members asking them to agree allow to the credit union to hike the interest rates unilaterally on loan agreements that had already been signed.

The credit union wanted the right to raise rates by one percentage point now, plus make future adjustments without having to ask for customers’ consent. If customers did not agree, Vancity had warned, it “may take further action” on their accounts.

Now, anyone who agreed to any changes based on the proposed hike will be allowed to return to their original agreements and will be reimbursed for any additional interest.

Read more here on CBC news