Credit unions in Canada

Credit unions are called caisses populaires in French-speaking communities of Canada. This one is located in Shediac, New Brunswick

Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population.[1] Credit union membership is largest in Quebec, where they are known as caisses populaires (people's banks), and in western Canada.[2]

## Legislation

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Responsibility for the incorporation and regulation of credit unions resides primarily at the provincial and territorial level in Canada. Credit union legislation exists in every province of Canada but does not currently exist in the three northern territories. Credit unions and caisses populaires operate in every province of Canada. In Quebec, caisses populaires are required to be formally federated with the Caisses Populaires Desjardins.

## Federally regulated credit unions

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Legislation was adopted under the federal Bank Act in 2012 to allow for the creation of federal credit unions. On July 1, 2016, the Caisse populaire acadienne ltée (later rebranded as UNI Financial Cooperation), with its 155,000 members, became the first federal credit union in Canada.[3] Coast Capital Savings announced the approval from OSFI to become the second federally regulated credit union in Canada beginning on November 1, 2018, the first federal credit union based in British Columbia.[4] Innovation Federal Credit Union became the first federal credit union headquartered in Saskatchewan on June 23, 2023.

Credit Union | Founded | Federally Expanded

|
|

UNI Financial Cooperation | 1946 | 2016
Coast Capital Savings | 1940 | 2018
Innovation Federal Credit Union | 2007 | 2023

## Provincially regulated credit unions

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As of September 20, 2024, there were 392 credit unions or caisses populaires operating in Canada.[5]

### Outside Quebec

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As of September 20, 2024, there are 188 independently operated credit unions and caisses populaires operating in the nine provinces outside of Quebec holding combined consolidated assets of $312.3 billion CAD.[6]

The largest of these include Vancity, Coast Capital Savings, Meridian Credit Union, Servus Credit Union, First West Credit Union, Alterna Savings and Credit Union Limited, Access Credit Union, Steinbach Credit Union, Beem Credit Union, Desjardins Ontario Credit Union.

188 of these credit unions and caisses populaires were affiliated through a provincial or regional credit union central to Canadian Credit Union Association, the national trade association. These credit unions operated 1,630 branches across the country with over 6 million members and $312.3 billion in assets.[7]

### Within Quebec

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Within Quebec there are 204 caisses that are formally federated with Desjardins as of September 2024.[8]

In 2024, the Desjardins caisses serve nearly 5.2 million members from 425 locations, with $371.4 billion in assets.[9]

## Insurance

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Most credit unions in Canada are incorporated provincially and are insured by provincially established institutions.

* Alberta – Credit Union Deposit Guarantee Corporation (Alberta)
* British Columbia – Credit Union Deposit Insurance Corporation (British Columbia)
* Manitoba – Deposit Guarantee Corporation of Manitoba
* New Brunswick – New Brunswick Credit Union Deposit Insurance Corporation
* Newfoundland and Labrador – Credit Union Deposit Guarantee Corporation (Newfoundland and Labrador)
* Nova Scotia - Nova Scotia Credit Union Deposit Insurance Corporation
* Ontario – Financial Services Regulatory Authority of Ontario[10]
* Prince Edward Island – Credit Union Deposit Insurance Corporation (Prince Edward Island)
* Saskatchewan – Credit Union Deposit Guarantee Corporation (Saskatchewan)
* Quebec – Autorité des marchés financiers

Federally-incorporated credit unions are insured by the Canada Deposit Insurance Corporation.[11]

## Credit union firsts in Canada

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Credit unions have a history of innovation in Canadian financial services. Here are some of the products and services that credit unions were first to market:[12]

* First financial institutions to lend to women in their own names (in the 1960s)
* First to offer daily interest savings
* First full-service ABMs
* First fully functional online banking
* First loans based on borrower character
* First payroll deduction service for deposits and loan payments
* First open mortgages
* First home equity lines of credit
* First debit card service
* First registered education plans
* First cheque imaging service
* First mobile branch with ATM for servicing small communities[13]

## See also

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* Banking in Canada
* Credit unions in the United Kingdom
* Credit unions in the United States
* ATM usage fees § The Exchange

## References

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1. ^ World Council of Credit Unions, 2018 Statistical Report
2. ^ Desjardins: a model for the rest of Canada? (Quebec's Desjardins caisses populaires). Canadian Banker. 1 Jan. 1999.
3. ^ "Minister Morneau Welcomes Canada's First Federal Credit Union". 2016-07-04. Archived from the original on 2017-06-07.
4. ^ Savings, Coast Capital (2018-10-30). "Coast Capital Savings approved to become B.C.'s first federal credit union". www.coastcapitalsavings.com.
5. ^ CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024".
6. ^ "The largest 100 credit unions - second quarter" (PDF). Canadian Credit Union Association. September 30, 2024.
7. ^ CCUA (20 September 2024). "National Sector Results, Second Quarter, 2024" (PDF). Canadian Credit Union Association.
8. ^ CCUA (September 2024). "System Results: National System Review, Second Quarter, 2024" (PDF).
9. ^ "National Sector Results". Desjardins Group. September 20, 2024.
10. ^ "Deposit Insurance and Credit Unions". Financial Services Regulatory Authority of Ontario. Retrieved February 6, 2020.
11. ^ "Federal credit unions (FCUs)". Canada Deposit Insurance Corporation. Retrieved September 23, 2022. "Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU enjoy CDIC deposit protection."
12. ^ "QUICK FACTS ABOUT CANADA'S CREDIT UNIONS (Q4 2012)". Credit Union Central of Canada. 2013. Archived from the original on 2013-05-07.
13. ^ "Innovation Credit Union wins marketing award". Battlefords News-Optimist. 11 May 2017. Retrieved 24 April 2018.

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Banks and credit unions in Canada

Banks

| Big Five|

* Bank of Montreal
* Canadian Imperial Bank of Commerce
* Simplii Financial
* Royal Bank of Canada
* Scotiabank
* Tangerine
* Toronto-Dominion Bank (TD Canada Trust)

|

Other banks|

* Alterna Bank
* AMEX Bank of Canada
* Bank of China (Canada)
* Canadian Tire Bank
* Canadian Western Bank
* Motive Financial
* Citibank Canada
* Equitable Bank
* Exchange Bank
* First Nations Bank
* ICICI Bank Canada
* Laurentian Bank
* Manulife Bank
* Motusbank
* National Bank
* Peoples Bank
* President's Choice Bank
* Vancity
* VersaBank
* Wealth One Bank

Defunct|

* HSBC Bank Canada

Credit unions

| Federal|

* Coast Capital Savings
* Innovation
* UNI Financial Cooperation

|

Provincial|

| British Columbia|

* BlueShore Financial
* First West
* Envision Financial
* Island Savings
* Valley First
* Gulf & Fraser
* Prospera
* Vancity

|

Prairies|

* Access
* Affinity
* Assiniboine
* Cambrian
* Conexus
* ConnectFirst
* Servus
* Steinbach

Eastern Canada|

* Alterna Savings
* Pace
* Desjardins Group
* Desjardins Ontario
* DUCA
* Libro
* Meridian

Other financial institutions

| Federal|

* Business Development Bank of Canada
* Canada Mortgage and Housing Corporation
* Farm Credit Canada

|

Provincial|

* ATB Financial

Deposit insurance
and regulation|

* Canada Deposit Insurance Corporation
* Financial Services Regulatory Authority of Ontario
* Office of the Superintendent of Financial Institutions

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